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number of sales in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores.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.