J.C. Penney’s board removed Ron Johnson from his role as CEO on Monday, replacing him with former top executive Myron Ullman.
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.
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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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