Josh Reynolds, FIl1, Associated Press
NEW YORK — J.C. Penney is naming Mike Ullman as its new CEO. He takes over from Ron Johnson, who is leaving the company.
Ullman was head of the department store chain, based in Plano, Texas, prior to Johnson's appointment to the top spot in 2011 in an effort to halt the department store chain's sliding earnings.
Johnson came under pressure after his turnaround strategy failed to win over shoppers. His drastic changes included slashing the number of sales in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores.
J.C. Penney shares dropped 42 cents, or 2.7 percent, to $15.45 in after-hours trading.
- 'Another piece to the puzzle': Census reveals...
- How do Utah wages stack up nationally?
- Banks fined more than $5B, to plead guilty to...
- Balancing act: Survey: Millennials seek...
- McDonald's CEO faces shareholders amid...
- Groups chase air pollution to keep...
- Koch brothers group launches Utah chapter
- Is the 40-hour workweek falling out of fashion?
- How do Utah wages stack up nationally? 50
- Koch brothers group launches Utah chapter 42
- Balancing act: Survey: Millennials seek... 13
- Lease or buy: That's the (car) question 11
- Smith's hopes to pass savings from... 7
- Banks fined more than $5B, to plead... 6
- 'Another piece to the puzzle': Census... 6
- Tipping is more than just a kind... 5