Can JC Penney's New CEO Reinvent the Department Store?
The Plano, Texas-based department store chain named Johnson, chief of Apple's retail stores, as its new CEO on June 14. In a statement, Johnson said that he has "always dreamed of leading a major retail company" and looked forward to helping J. C. Penney "re-imagine what I believe to be the single greatest opportunity in American retailing today: the department store. Johnson will take the helm on November 1 and, for the time being, report to J. C. Penney's executive chairman and outgoing CEO, Myron E. Ullman III, who has held the top job since 2004 and will step down on February 1, 2012. As the newly named CEO of J. C. Penney, Johnson will be tasked with crafting a new niche for an American institution.
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