Former Target exec Ron Johnson loses role as J.C. Penney CEO

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J.C. Penney Co. Inc. has ousted Ron Johnson, its chief executive officer for just 17 months, the New York Times reports. He will be replaced by former CEO Myron (Mike) Ullman, 66, who is returning to the embattled Dallas-based department store chain.

Click here, to read the company news release.

NBC News says Penney's shares have fallen 51 percent since Johnson took over the role in November 2011. Sales also fell 25 percent last year.

Johnson, 55, had previously served as senior vice president of retail at Apple for 11 years, according to the Business Journal. He joined Apple after working for Target Corp. for 15 years as a marketing executive.

Johnson lured Michael Francis, Target's former chief marketing officer, shortly after he became JCP's CEO. However, Francis abruptly left the struggling retailer after only eight and a half months as president.

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