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You can find the current article at its original source at http://www.guardian.co.uk/business/2013/apr/08/jc-penney-ron-johnson-mike-ullman
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| JC Penney replaces CEO Ron Johnson with predecessor Mike Ullman | JC Penney replaces CEO Ron Johnson with predecessor Mike Ullman |
| (about 3 hours later) | |
| JC Penney is naming Mike Ullman as its new CEO. He takes over from Ron Johnson, who is leaving the company after only 16 months on the job. | |
| Ullman was head of the department store chain, based in Plano, Texas, prior to Johnson's appointment to the top spot in 2011 in an effort to halt the department store chain's sliding earnings. | Ullman was head of the department store chain, based in Plano, Texas, prior to Johnson's appointment to the top spot in 2011 in an effort to halt the department store chain's sliding earnings. |
| Johnson came under pressure after his turnaround strategy failed to win over shoppers. His drastic changes included slashing the number of sales in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores. | Johnson came under pressure after his turnaround strategy failed to win over shoppers. His drastic changes included slashing the number of sales in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores. |
| JC Penney shares dropped 42¢, or 2.7%, to $15.45 in after-hours trading. | JC Penney shares dropped 42¢, or 2.7%, to $15.45 in after-hours trading. |
The shakeup came as a growing chorus of critics including a former Penney CEO, Allen Questrom, called for Johnson's resignation as they lost faith in an aggressive overhaul plan that included getting rid of most discounts and ditching coupons. He rolled out shops devoted to brands such as Joe Fresh and home furnishings designer Jonathan Adler. The new shops, which started opening last year, had been faring better than the rest of the store. |