Skip to main content

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

  • Author:
  • Updated:
    Original:

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.

Next Up

southwest light rail metro transit construction

Southwest LRT may now cost $2.75B, won't open until 2027

Met Council said last year it would open in 2023.

Aaron Rodgers

Broncos hiring Packers OC sparks speculation Rodgers could follow

What about both Rodgers and Davante Adams teaming up in Denver?

Minneapolis Fire Department

Fire tears through House of Charity building in Minneapolis

The charity serves hundreds of meals to those in need daily.

Kwesi Adofo-Mensah

Here’s what the Vikings owners say about new GM Kwesi Adofo-Mensah

The Vikings announced his hiring on Wednesday night.

raiaing canes brooklyn park crop

After 3-month delay, newest Twin Cities Raising Cane's opens

The restaurant was originally scheduled to open in October.

st anthony armed robbery screengrab

Armed man robs Twin Cities thrift store, flees in carjacked pickup

He pulled out a handgun shortly after chatting with the cashier about his scarf.

red wing 6

Gallery: Pagoda-inspired home on Lake Pepin for sale for $2M

The home has 425 feet of private shoreline on the Mississippi River.

Walz, Flanagan

Walz proposes legalizing marijuana in massive supplemental budget

It's among the provisions in his "Budget to Move Minnesota Forward."

Plow 2 (1)

Photos reveal damage from gunshots to Minneapolis snowplow

A hydraulic line and three tires were damaged in the shooting.

unsplash - school classroom students

Minneapolis schools confirm return to in-person teaching Monday

The school district shifted to online learning almost two weeks ago as rising COVID cases led to staff and bus driver shortages.

Flickr - Superior National Forest Boundary Waters

Mineral leases for proposed Twin Metals mine near Boundary Waters canceled

A review by the DOI found "significant legal deficiencies" with the leases' 2019 renewal.

cats

Reward to find person who left kittens to die in freezing WI cold

The cats were thrown from a vehicle, according to a witness.

Related

Ex-Target executive Michael Francis abruptly exits J.C. Penney

Michael Francis, Target's former Chief Marketing Officer, is leaving J.C. Penney after only eight and a half months as president of the struggling Texas-based department chain. J.C. Penney lured Francis away from the Minneapolis-based discount chain last year. He was responsible for Penney's marketing and merchandising operations.