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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.