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Ron Johnson Ousted as J.C. Penney CEO
By Robert Passikoff, president, Brand Keys
In 2000, the average tenure of a CEO was 10 years. In 2008, it was down to eight and half, signaling a slightly higher degree of corporate and brand accountability by boards and shareholders. Ron Johnson, the now former-CEO of J.C. Penney, only lasted 17 months.
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J.C. Penney’s stock falls amid reports that Q1 same-store sales off 10%
New York -- J.C. Penney Co.’s shares fell 12% on Tuesday to close at $13.93, and nearly reached their lowest levels since 2001, Reuters reported.
It was a rough day for Penney as industry analysts debated the surprising decision to replace ousted CEO Ron Johnson with his predecessor, Myron “Mike” Ullman.