Apple Veteran Johnson Out as JCPenney CEO
Ron Johnson, who JC Penney hired away from his role as Apple's retail chief, is out as the company's CEO. Myron E. (Mike) Ullman, III, its previous CEO, has returned to the company as its new CEO.
The change follows several quarters of bad financial results. Johnson came to the company in late 2011.
"While JCPenney has faced a difficult period, its legacy as a leader in American retailing is an asset that can be built upon and leveraged," Ullman said in a statement. "To that end, my plan is to immediately engage with the Company's customers, team members, vendors and shareholders, to understand their needs, views and insights.