JC Penney's board ousted CEO Ron Johnson today and replaced him with his predecessor, Mike Ullman.
Johnson, a former Apple exec, took over the struggling retailer's leadership 17 months ago and installed an ambitious rebranding strategy that didn't take with consumers. He called for a new logo, revamped the brand's department stores and dramatically cut back on its signature clearance sales—the latter two moves, however, were never tested in a subset of JC Penney's 1,100 locations.
Sales plummeted; the firm's market cap fell from $6.8 billion to roughly $3.5 billion under Johnson's leadership.
Now, Ullman—who ran the Plano, Texas-based company from 2004 through 2011—is back in charge.
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J.C. Penney Company operates Department Stores. The company sells Family Apparel and Footwear, Accessories, Fine and Fashion Jewelry, Beauty Products, and Home Furnishings. They also provide various services, such as Styling Salon, Optical, Portrait Photography, and Custom Decorating. The company sells its products through its Internet Web site, jcp.com. On every visit, customers will discover straight forward Fair and Square Pricing, month-long promotions that are in sync with the rhythm of their lives, exceptionally curated merchandise, artful presentation, and unmatched customer service.