Pursuits
J.C. Penney Ousts Johnson as CEO for Former Chief Ullman
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J.C. Penney Co. ousted Chief Executive Officer Ron Johnson and reinstated his predecessor, Myron E. Ullman III, as the department-store chain works to rebound from its worst sales year in more than two decades. The shares slid in late trading.
The changes are effective immediately, the Plano, Texas-based company said today in a statement. Ullman is the “permanent replacement for now,” the company isn’t looking for another CEO and hasn’t hired an executive search firm, Daphne Avila, a spokeswoman, said in an e-mail. The company said in a filing that Ullman hasn’t yet signed an employment agreement.