Ron Johnson is out at J.C. Penney Co.
Penney’s board met Monday and agreed to replace the former Apple Inc. executive after his plan for revamping the chain’s 1,100 department stores produced a disastrous drop in sales.
Myron Ullman, whom Mr. Johnson succeeded as CEO, will retake the top job and also has joined the board.
Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.
We also solicit original full-length posts and accept some unsolicited submissions.
