JCPenney Taps Head of Apple Retail Stores as New CEO

He has $50 million riding on his success

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The head of Apple’s retail stores, Ron Johnson, has been lured away to take a top position at JCPenney.

In a press release, JCPenney said that Johnson, who has held the title of Apple’s senior vice president of retail, will be the department store chain’s next chief executive officer. Effective Nov. 1, Johnson will replace current chairman and CEO Myron “Mike” Ullman, who will become executive chairman of the company. Johnson will also join Penney’s board of directors beginning Aug.

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