JCPenney Dumps 'Disastrous' CEO
Ron Johnson out, predecessor Myron Ullman in
By Rob Quinn, Newser Staff
Posted Apr 9, 2013 12:40 AM CDT
Updated Apr 9, 2013 3:53 AM CDT
Myron Ullman was named CEO of JCPenney after Ron Johnson was ousted yesterday.   (AP Photo/Mark Lennihan)

(Newser) – JCPenney has ditched CEO Ron Johnson after a 17-month run that produced some of the most disastrous results in retail history. Johnson, who masterminded Apple's retail success, will be replaced by his predecessor Myron Ullman, reports the New York Times. The struggling chain is in the middle of a huge—and very expensive—revamp ordered by Johnson, whose compensation dropped 96% from 2011 to 2012.

So how did Johnson get it so wrong at JCPenney after getting it so right at Apple? Doing away with sales events wasn't a winning strategy, and he lost the confidence of directors after he decided to reinvent the chain's stores without following the usual practice of testing changes first, the Wall Street Journal reports. But the real reason Johnson couldn't replicate his Apple success at JCPenney may have been because he was running Apple's retail operations at a time when the company was coming out with world-beating products like the iPod and the iPhone, writes Daniel Gross at the Daily Beast. "And that wasn’t a skill Johnson could easily transfer to a listing middle-market department store chain."

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Showing 3 of 24 comments
Apr 13, 2013 5:57 PM CDT
I am thinking that I might be a member of the wave of the future. I buy just about everything on the Internet or from a catalog except groceries and hair cuts.
Apr 10, 2013 12:02 AM CDT
Staff layoffs and cuts back have started immediately!
Apr 9, 2013 3:38 PM CDT
Remember a board of directors hired this clown and agreed to his contract. They only have themselves to blame JC was listed as one of those brands that will disappear in 2013. Sears is not far behind nice stores but the discounters have eaten their lunch like Target and Kohls.