PLANO, Texas - Former JCPenney chief Mike Ullman has rejoined the company as chief executive officer. The tenure of his successor, Ron Johnson, ended today.
"While JCPenney has faced a difficult period, its legacy as a leader in American retailing is an asset that can be built upon and leveraged," said Ulllman in a statement released by the company. "To that end, my plan is to immediately engage with the company's customers, team members, vendors and shareholders, to understand their needs, views and insights. With that knowledge, I will work with the leadership team and the board to develop and clearly articulate a game plan to establish a foundation for future success."
Johnson, the former Apple store chief, was named to head JCPenney in the summer of 2011 and officially took the company lead in November of that year. In February 2012, he announced the "transformation" of the chain, which included a strategy of immediately jettisoning sales and coupons. Johnson's long-term vision for the retailer would convert the nameplate from a department store format to a series of 100 branded shop-in-shops along with a central square that would offer activities and food.
