JCPenney Fires Ron Johnson as CEO

JCPenney Fires Ron Johnson as CEO

 

New CEO named for JCPenney
JCPenney fires CEO Ron Johnson.

JCPenney has decided to replace CEO Ron Johnson who joined the company a little over a year ago. Johnson is known for his extremely successful retail strategy for Apple but the strategy that he implemented for JCPenney didn’t go over so well. The company still experienced decreased sales and angry customers.

He tried to revamp the retail experience by getting rid of coupons and changing the layout of the store, but this only added to the stock price plummet.

‘”On behalf of the Board of Directors, we would like to thank Ron Johnson for his contributions while at JCPenney and wish him the best in his future endeavors,” Thomas Engibous, chairman of the board of directors at JCPenney, said in a statement.’

The new CEO will be Myron E. Ullman III and he will be implementing the retailer’s previous strategy.

“While jcpenney has faced a difficult period, its legacy as a leader in American retailing is an asset that can be built upon and leveraged,” Ullman said in a statement. “To that end, my plan is to immediately engage with the Company’s customers, team members, vendors and shareholders, 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.”

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