Ron Johnson Era Ends at J.C. Penney

Apr 08, 2013 11:37 PM  By

Is it Back to the Future at J.C. Penney? Ron Johnson is out as CEO of the troubled general merchant, and has been replaced by the man he replaced at the end of 2011, Myron E. (Mike) Ullman III.

Ullman spent seven years leading JCP, as chairman and CEO through November 2011 and executive chairman through January 2012.

In a press release, Ullman said he plans to immediately engage with JCP customers, team members, vendors and shareholder, 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,” Ullman said in the press release.

In Johnson’s first year as JCP’s head, the company’s total sales dropped 24.8% and its ecommerce sales decreased 33%.

Bloomberg reported last week that Johnson’s salary had been cut 96%, and neither he nor any members of his executive team received performance bonuses.

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