Reuters: Global Markets: Ron Johnson out as J.C. Penney CEO, Mike Ullman returns

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Ron Johnson out as J.C. Penney CEO, Mike Ullman returns Apr 8th 2013, 22:00 Tweet Share this Email Print Related News Ron Johnson out as J.C. Penney CEO -CNBC 5:04pm EDT Macy's, J.C. Penney resume Martha Stewart courtroom tussle 2:59pm EDT Macy's, J.C. Penney set to resume trial over Martha Stewart 5:59am EDT Hedge fund manager Ackman says mistakes made in JCPenney turnaround Fri, Apr 5 2013 Penney CEO gets no bonus, stock award after dismal year Tue, Apr 2 2013 Analysis & Opinion Poverty and renunciation Daniel Loeb surfing to the top of the hedge fund charts again Related Topics Hot Stocks » Asian Markets » Ron Johnson testifies in New York state Supreme Court in Manhattan March 1, 2013. Credit: Reuters/Thomas Iannaccone/Pool Mon Apr 8, 2013 5:31pm EDT (Reuters) - Ron Johnson is out as chief executive of the department store chain J.C. Penney (JCP.N), which said on Monday that former boss Mike Ullman would return as CEO less than two years after Johnson replaced him. J.C. Penney shares rose 10.8 percent in after-hours trading after the news, first reported by CNBC. Johnson has been under fire as sales plunged 25 percent during the first year of his plan to reinvent the department store chain. Last week, hedge fund manager Bill Ackman - who handpicked Johnson to lead the company - said the CEO had made "big mistakes" and that the impact of those mistakes had been "very close to a disaster" for the retailer. JC Penney traditionally drew in customers with big sales and coupons, but Johnson has been criticized for eliminating those in favor of every day low prices. The company has now brought back their old pricing strategy to try to bring shoppers back. Executives have acknowledged their first challenge is to get the chain's old customers back into stores. "The lack of testing did him in," analyst Walter Loeb said of Johnson. "It is imperative that someone with a merchandising background take over." (Reporting By Ben Berkowitz and Phil Wahba) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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