Ron Johnson, who was named CEO of J.C. Penney (OTC:JCPN.Q) in November 2011, has stepped down from his post with the struggling retailer and been replaced by former CEO Myron E. "Mike" Ullman III.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 Ullman -- who had been replaced by Johnson -- has also been elected to the board.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.