Saturday, Dec 10, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Retail

JC Penney ousts CEO Ron Johnson

JC Penney ousts CEO Ron Johnson, names predecessor to top spot

NEW YORK — J.C. Penney is naming Mike Ullman as its new CEO. He takes over from Ron Johnson, who is leaving the company.

Mr. Ullman was head of the department store chain, based in Plano, Texas, prior to Mr. Johnson's appointment to the top spot in 2011 in an effort to halt the department store chain's sliding earnings.

Mr. Johnson came under pressure after his turnaround strategy failed to win over shoppers. His drastic changes included slashing the number of sales in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores.

J.C. Penney shares dropped 42 cents, or 2.7 percent, to $15.45 in after-hours trading.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…