J.C. Penney and its CEO Ron Johnson have parted ways. The news wasn’t terribly surprising as 2012 had been a challenging year: sales were down by $4.3B, the company lost close to $1B, and its stock price dropped by more than 50%. Despite Johnson’s and his supporters’ pleas of “give us more time,” Penney’s board finally succumbed and exhaled, “No mas.” In a “meet the new boss, same as the old boss” moment, Penney announced that its previous CEO, Myron E. Ullman III, is returning to the helm.
With Ron Johnson Out, What Should J.C. Penney Do Now?
J.C. Penney and its CEO Ron Johnson have parted ways. The news wasn’t terribly surprising as 2012 had been a challenging year: sales were down by $4.3B, the company lost close to $1B, and its stock price dropped by more than 50%. Despite Johnson’s and his supporters’ pleas of “give us more time,” Penney’s board […]
April 09, 2013