JC Penney Names Ron Johnson as New CEO

Ron Johnson, who played an instrumental role in the success of Apple’s retail store, will become the new CEO of JC Penney starting November 1.

“I’ve always dreamed of leading a major retail company as CEO, and I am thrilled to have the opportunity to help J. C. Penney re-imagine what I believe to be the single greatest opportunity in American retailing today, the department store. I have tremendous confidence in J.C. Penney’s future and look forward to working with (current CEO) Mike Ullman, the executive board and the company’s 150,000 associates to transform the way America shops.”

Before spending the last 11 years as Senior Vice President of Apple Retail, Ron Johnson worked at Target as key merchandising executive for 15 years. His hiring is part of a succession planning process, as Mike Ullman prepares to become JC Penney’s executive chairman. Ron Johnson will also become a part of the company’s board of directors starting August 1.

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