JC Penney ousts chief executive of 17 monthshttps://indianexpress.com/article/news-archive/web/jc-penney-ousts-chief-executive-of-17-months/

JC Penney ousts chief executive of 17 months

After a troublesome 17-month run,Ron Johnson is out as CEO of JC Penney,and with that,the closely watched revival effort in retail is in danger of disintegrating.

After a troublesome 17-month run,Ron Johnson is out as CEO of JC Penney,and with that,the closely watched revival effort in retail is in danger of disintegrating.

The company’s board said on Monday that Johnson,who engineered Apple’s retail strategy,is leaving Penney and that Myron E Ullman III,who had been CEO at the retailer for seven years until Johnson took over,has returned to the helm. Talk of Johnson’s possible departure had been swirling in recent weeks as Penney’s troubles with sales and strategy mounted,and as William A Ackman,the board member who recruited Johnson to revive Penney’s fortunes,seemed to withdraw support for him late last week.

Most analysts had given Johnson at least another quarter or two in the job,when financial results would start to come in.