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number of sales in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores.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.
- 10 things to know about corporate inversions
- 10 jobs you can get right now
- Summit County sees credit card breach after...
- 6 financial moves to prevent sleepless nights
- 3 ways insurers can still avoid covering the...
- Amish country bristles at ‘Mafia’...
- Varian Medical breaks ground on Salt Lake...
- Fallon to lead honors as Leno wins top humor...
- 10 things to know about corporate... 27
- 3 ways insurers can still avoid... 12
- Amish country bristles at... 10
- Mimicking the airlines, hotels get... 9
- Paul Mero steps down as head of... 9
- Burger King in talks to buy Tim Hortons 8
- California push to avert higher gas... 3
- Cantwell targets small business loan... 3