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J.C. Penney Details Leadership Change

J.C. Penney Co. said the current CEO and chairman Myron "Mike" Ullman will leave the company and the board next February after a three-month transition period during which he will hand over the reins in full to his successor, Ron Johnson, who heads Apple retail operations.

Johnson will join J.C. Penney's board Aug. 1. He will start as chief executive on Nov. 1, when he assumes responsibility for marketing and merchandising functions. Johnson, a first-time CEO, will take over the remaining responsibilities after a three-month transition ending on Feb. 1.

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