By Matthew Fuller, Contributor
J.C. Penney bonds and credit protection were mixed this morning as shares dropped about 11% in huge volume, at $14.09 per share, on news that the struggling retailer reinstalled its previous CEO in place of retail-whiz Ron Johnson after just 1.5 years on the job. Myron “Mike” Ullman is back on board and was Johnson’s predecessor for about seven years, filings show. …read more
Source: FULL ARTICLE at Forbes Latest
You’ve heard the news: JCPenney CEO Ron Johnson has left the building and will be replaced by his predecessor, Myron (Mike) Ullman. For those playing along at home, it’s been less than two years since he began to put his ambitious turnaround plan in motion. Unfortunately, JCP’s board and shareholders didn’t have the patience to wait for the sweeping changes to take effect. Even more unfortunate: a return to the old guard which wasn’t working, either. …read more
Source: FULL ARTICLE at Forbes Latest
