Ron Johnson Leaves J.C. Penney, Ex-CEO Rehired

Ron Johnson, who was named CEO of J.C. Penney (NYSE: JCP  ) in November 2011, has stepped down from his post with the struggling retailer and been replaced by former CEO Myron E. "Mike" Ullman III.

J.C. Penney announced Monday night that it had rehired Ullman as CEO, effective immediately. Ullman -- who had been replaced by Johnson -- has also been elected to the board.

Ullman had served as chairman of the board and CEO of the company from 2004 to November 2011 and as executive chairman of the board from November 2011 to January 2012.

In his new term as CEO, Ullman will receive an annual base salary of $1 million, according to an SEC filing. The filing says "Ullman and the Company have not entered into an employment agreement."

Ullman said his plan is to "immediately engage with the Company's customers, team members, vendors and shareholders, to understand their needs, views and insights."

In the company press release, Chairman Thomas Engibous touted Ullman's "proven experience and leadership abilities" as assets that will help J.C. Penney face and "take steps to improve the Company's performance." The press release did not elaborate on Johnson's departure, quoting Engibous as saying, "On behalf of the Board of Directors, we would like to thank Ron Johnson for his contributions while at jcpenney and wish him the best in his future endeavors."

Johnson joined J.C. Penney after serving for 11 years as senior vice president of retail at Apple.


Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2352275, ~/Articles/ArticleHandler.aspx, 4/19/2014 8:33:01 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.