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Former J.C. Penney CEO ‘shocked’ by Ron Johnson’s actions


New York -- The New York Times reported Thursday about Allen Questrom’s on-air visit with CNBC for its Fast Money Halftime Report, during which the former J.C. Penney CEO was very candid about his disapproval of new chief Ron Johnson’s approach to leadership.

Questrom criticized Johnson's decision to kill discounts at the retailer:"[Johnson’s] first part of the strategy, which is the elimination of the discounts and the coupons, has clearly been a failure, from my vantage point.” Also, “I'm shocked that they're going forward with this without even testing one or two stores to see how the customers like it.”

To read the interview recap, click here.

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