JCPenney Fires CEO Ron Johnson
Ron Johnson, the CEO of JCPenney, has been fired. Before joining JCPenney as the CEO, Johnson was the head of Apple’s retail division. His goal was to turn the department store around. Johnson worked at JCPenney for about a year and a half. He will be replaced by Mike Ullman.
“On behalf of the Board of Directors, we would like to thank Ron Johnson for his contributions while at jcpenney and wish him the best in his future endeavors,” said Thomas Engibous, the Chairman of the JCPenney’s Board of Directors.
Johnson attempted to apply some of the strategies used in Apple Stores. One of these strategies was a ban on discounts and he even attempted to introduce a store-within-a-store design.
Johnson was hired as the JCPenney CEO in November 2011. Unfortunately, JCPenney lost money every quarter since Johnson was hired and their stock dropped over 50%. Before starting at Apple in 2000, Johnson was a senior merchandising executive at Target.
That philosophy hasn’t resonated with consumers: the company has lost money in each quarter since the CEO’s hiring, and the stock has dropped by over 50 percent. Before Apple hired him in 2000, Johnson was a senior merchandising executive for Target.