Johnson out, former exec Ullman in as J.C. Penney CEO
it's back to the future for troubled retailer J.C. Penney, which announced late Monday that CEO Ron Johnson would be replaced on an interim basis by Mike Ullman, the retailer's former chief executive.
Johnson, 54, was hired in late 2011 from Apple, where he led the company's highly successful retail store chain. But his plans to reinvigorate the chain from staid retail dinosaur into a fashion-forward, hipper brand stumbled early when he decided that the chain would abandon sales and coupons for an every day low price strategy - alienating long-time customers. His last few months were marked by slumping holiday sales, a battle with rival Macy's over home fashion maven Martha Steward and increasing shareholder unrest over Penney's slumping stock price.
J.C Penney shares sank 44% last year -- Johnson's first full year as CEO -- and had slumped another 25% through last week. Word of his departure pushed the stock up 9% in after hours trading. But that was before news that Ullman -- CEO from 2004 to 2011 -- was returning. The stock was down 6% to $15.25 in later after-hours trading.
http://www.usatoday.com/story/money/business/2013/04/08/ron-johnson-penney-ceo/2064723/
