J.C. Penney (JCP) Throws Ron Johnson Overboard and Brings Back Mike Ullman
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Shares of J.C. Penney (NYSE: JCP) were whipsawed after-hours on Monday on reports that the company's CEO Ron Johnson was "out". Ron Johnson came to J.C. Penny from Apple and was once hailed as J.C. Penney's savior. That notion was short-lived however and the retailer posted a massive drop in comps in Q3 & Q4 of 2012.
The drop in sales was tied to Johnson's vision to bring every-day low pricing to J.C. Penny, which some say alienated customers. Johnson also had a vision to create shop-in-shop stores and improve the company's image. Again this was criticized by some investors as expensive and risky. Despite the criticism, Johnson maintained his overall vision, although he did altered his views on everyday low pricing.
With Johnson out, huge questions now remain about the future of J.C. Penny. In a press release, the company named Mike Ullman as its leader. Ullman was CEO of JCP until late 2011.
The drop in sales was tied to Johnson's vision to bring every-day low pricing to J.C. Penny, which some say alienated customers. Johnson also had a vision to create shop-in-shop stores and improve the company's image. Again this was criticized by some investors as expensive and risky. Despite the criticism, Johnson maintained his overall vision, although he did altered his views on everyday low pricing.
With Johnson out, huge questions now remain about the future of J.C. Penny. In a press release, the company named Mike Ullman as its leader. Ullman was CEO of JCP until late 2011.
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