The Founder a good and decent man also a Christian from what I’ve read. He sure didn’t deserve to have his business he founded bearing & his name ran into the ground like this.
I had always bought curtains and bedding from them. When I got their first homosexual catalog, I got in touch with them and said quit sending me homosexual catalogs because I didn’t want homosexuals in my house. I cut up their credit card because I didn’t want the stench of that in my house.
Ron Johnson ousted as JCP CEO. Stock explodes higher
Ron Johnson Out At JCPenney
Ashley Lutz | 25 minutes ago | 2,501 | 5
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ReutersRon Johnson is out as JCPenney CEO.
CNBC first cited an anonymous source who said that Johnson was out at the company.
Mike Ullman, the former chief executive of the company, will take the helm as interim CEO, according to CNBC.
Shares are already soaring up to 10 percent on the news.
Johnson took over 15 months ago and announced an aggressive plan to do away with the retailer’s popular coupon program and create shop-in-shops that showcased certain vendors.
But his turnaround strategy has largely failed, with sales down 32 percent in the fourth quarter.
As the company burned through available cash and resources, the industry was “taking bets” on when he would get fired, reported Richard Collings at The Deal.
Last week, it was revealed that his compensation package fell 97 percent.
Before his disastrous tenure at JCPenney, Johnson was considered a visionary for his work on the Apple retail stores.