Ron Johnson lasted just 17 months as CEO of JC
Penney.
A JC Penney spokeswoman confirmed that Mr.
Johnson is stepping down and will be replaced by his predecessor, Myron
"Mike" Ullman, effective immediately. Mr. Ullman has also been
elected to the Board of Directors. "We are fortunate to have someone with Mike's proven experience and leadership abilities to take the reins at the company at this important time," said Thomas Engibous, chairman of the board of directors, in a statement. "He is well-positioned to quickly analyze the situation JC Penney faces and take steps to improve the company's performance."
JC Penney's returning CEO will waste no time in assessing how much has changed since he departed in late 2011.
