J.C. Penney CEO Ron Johnson Out

CNN reports J.C. Penny has announced that Ron Johnson is stepping down and will be replaced by his predecessor, Mike Ullman, who led the company for seven years prior to Johnson's arrival.

J.C. Penney said in a securities filing Monday that Johnson's departure "is not the result of any disagreement with the Company or the Board of Directors on any matter relating to the Company's operations, policies or practices." The change is effective immediately.

J.C. Penney chair Thomas Engibous said in a statement that the company is "fortunate to have someone with Mike's proven experience and leadership abilities to take the reins at the Company at this important time."

Johnson received a compensation package worth $53.3 million for 2011, $52.7 million of which came in a special stock award. He earned $1.9 million in 2012, receiving only 44% of his target cash compensation in view of the company's poor results, and did not get a stock award. Ullman will receive an annual base salary of $1 million, J.C. Penney said.

Did you enjoy this article? Click here to subscribe to Private Label Buyer.

Recent Articles by Jamie Grill-Goodman

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

August 2014 New Food Products

This month’s new food products are organic coffee, hatch green chili tzatziki, cultured soy, kernel cooking oils, snack seasoning, thin Swiss cheese, tea and lemonade blend, crispy fish shapes, mole rojo braising sauce, sausage & cheese pita pocket, and chicken club pizza.

Podcasts

Coming with a clear, comprehensive plan was the key to success for Longo Brothers Fruit Markets when the grocer decided to roll out a two-tier private label strategy, Jenny Longo and Robert Koss tell PLBuyer editor Chris Freeman in this podcast.

More Podcasts

Private Label Buyer Magazine

PLB August 2014 cover

August 2014

The August 2014 issue of Private Label Buyer includes articles on non-food grocery items, as well as category insights on store brand spreads, healthcare, and personal care. Check it out today!

Table Of Contents Subscribe

Private Label Segments

Which segment of private label will see the biggest growth over the next year?
View Results Poll Archive

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

PLB Marketplace

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40pxgoogle+ icon 40px