Myron Ullman Replaces Ron Johnson As J.C. Penney CEO

J.C. Penney has seen a drop in sales of 25 percent in the past year, as Johnson’s aggressive plan to revamp the chain’s 1,100 department stores largely failed, notes The Wall Street Journal.

Shares of J.C. Penney stock initially increased after word of Johnson’s firing, then dropped 8 percent when Ullman was named hissuccessor. Mr. Ullman had previously served nearly seven years as J.C. Penney’s CEO before being ousted in late 2011. 

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