Ron Johnson Fired as CEO of J.C. Penney

Ron Johnson Fired as CEO of J.C. Penney

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Ron Johnson has been fired as the CEO of J.C. Penney after less than two years on the job, reports Reuters. He will be replaced by former boss Mike Ullman.

Johnson has been under fire as sales plunged 25 percent during the first year of his plan to reinvent the department store chain. Last week, hedge fund manager Bill Ackman - who handpicked Johnson to lead the company - said the CEO had made "big mistakes" and that the impact of those mistakes had been "very close to a disaster" for the retailer.

Johnson had tried to do away with constant sales in favor of everyday low prices but shoppers appeared not to understand the plan. Shares rose 10.8% on news of Johnson's ousting.

"The lack of testing did him in," analyst Walter Loeb said of Johnson. "It is imperative that someone with a merchandising background take over."

Speculation is already mounting that Johnson could return to his vacant job position as SVP of Retail at Apple.

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Ron Johnson Fired as CEO of J.C. Penney
jackholes - April 9, 2013 at 3:08pm
All these jackholes get recycled. CEO from one company does terrible will eventually run another and another and another. And I bet he got a nice sum of money for being fired unlike normal people.
Majid - April 9, 2013 at 11:43am
Well apple itself is struggling at the shares market I think yes rehiring him is a suitable decision to make because he might not worked well as CEO capacity but he was working good at Svp of retail and yes apple is looking for a person to cover the place so in that circumstances I think apple should rehire him
El Compa - April 9, 2013 at 8:09am
Another shady white guy that gets paid way too much fired. Excellent.
Thoughtful - April 9, 2013 at 4:04am
Apple isn't going to Rehire losers like him, he thought that he is smart enough and now he know that he was nothing that was Steve's leadership which was making him hit.
justabrake - April 8, 2013 at 10:18pm
invent a bigger iphone
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