Remember the Titanic! From CNBC: JC Penney under CEO Ron Johnson "could fail very, very quickly" if it doesn't take action, says Mark Cohen, retail veteran and Columbia University professor of marketing.
On CNBC's "Fast Money," Cohen called JC Penney under Johnson's stewardship "an unmitigated catastrophe" and made the case for his ouster. Cohen, a marketing professor at Columbia University, joins a growing chorus of industry experts weighing in on Johnson's stewardship of the retail giant, whose performance over the past year has been dismal.
Earlier this week, former JC Penney CEO Allen Questrom criticized the company's board of directors and chief executive. "The board has to take action. They can't be delusional like Ron Johnson is," Questrom told CNBC on Wednesday. "This has been going on long enough. You can't say you're going to make your numbers for the year and then drop a billion dollars…."