Ending one of the most tumultuous retail reigns in recent memory, JC Penney has shown controversial CEO Ron Johnson the door, and says former CEO Myron E. Ullman will replace him. Johnson joined
JCP from Apple in November, 2011, and embarked on an ambitious rebranding effort. That included a shift away from its promotional pricing strategy, and drove away its most loyal customers: Sales fell
28% in sales in its most recent quarterly results.
“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 says in the Plano, Tex.-based retailer’s release. “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. With that knowledge, I will work with the leadership team and the Board to develop and clearly articulate a game plan to establish a
foundation for future success."