Monday, April 8, 2013

Back to the Future: Penney CEO Out, Old Boss Back In

From WSJ: J.C. Penney dumped Ron Johnson, the chief executive it poached from Apple Inc. AAPL +0.71% with great fanfare 17 months ago, replacing him midway through a major overhaul of its stores that has produced a disastrous 25%+ drop in sales.

Penney's board met Monday and agreed to part ways with Mr. Johnson. Sorting out whether to press onward or roll back Mr. Johnson's changes will fall to his predecessor, Myron Ullman, who is rejoining the company as CEO….

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