JCPenney reportedly fires former Apple retail head Ron Johnson from CEO position


JCPenney has fired CEO Ron Johnson, who was brought in after his stint as Apple’s retail chief to help bring the brick-and-mortar retailer around. The news comes after a report from The New York Times last week that revealed that the CEO has sustained a 97 percent pay cut for failing to permanently institute changes that brought success to the Apple Store. CNBC first reported the news, and Bloomberg has since revealed on Twitter that Mike Ullman III has been selected to replace Johnson.

Johnson’s attempts to bring some of the Apple Store’s magic to JCPenney including a move away from price being the driving force behind the retailer’s sales. He instituted a ban on sales, and attempted to introduce a store-within-a-store design. Those…

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