News

J.C. Penney taps top Apple retail executive as new CEO

June 13, 2011

According to the New York Times, J.C. Penney Co. today announced that its chief executive, Myron E. Ullman III, will be replaced by Ron Johnson, the top retail executive for Apple.

Johnson will begin his new job on  Nov. 1, and Ullman will remain with the company as executive chairman.

Johnson is the senior vice president for retail at Apple and managed the Apple Store concept and expansion, beginning with the first store in 2001.

According to a J.C. Penney press release, Johnson has invested $50 million to acquire warrants to buy nearly 7.3 million J.C. Penney shares “as a demonstration of his confidence in J. C. Penney’s long-term potential.”