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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Comments (7)
Comments are closed for this article.
0
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
0
justabrake - April 8, 2013 at 10:18pm
invent a bigger iphone
0
tommyy - April 9, 2013 at 4:26am
Do you want 12 inches iPhone? Bigger than Samsung's largest mobile phone.
0
f1982 - April 9, 2013 at 12:42pm
No,
But a 4.8" would be so much better.
Leave the 3.5" and the 4" (ridiculous) tall screen to children or those with tiny hands.
4.3" normal ratio should be the minimum. 4.8" normal ratio would be perfect.
I wish they would get rid of the long screen though- nobody was asking for it.
0
Dyllon - April 8, 2013 at 10:15pm
I really hope Tim Cook is smart enough not to hire him back I mean they fired him for a reason
0
VaughnSC - April 8, 2013 at 10:07pm
Really. You could have read the last paragraph; it's not too long a summary.
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