Struggling retailer J.C. Penney announced Monday it would oust new CEO Ron Johnson and bring back former CEO Mike Ullman.
Johnson, 54, and an Edina, Minn. native, was brought on in late 2011 from a successful tenure at Apple as Senior Vice President of Retail Operations. He led the way as Apple introduced retail stores and a Genius Bar at each venue for in-person customer support.
His retail plan to modernize J.C. Penney included adopting a consistent low price strategy instead of offering coupons and sales. However, the plan flopped -- shares dropped 44 percent last year, and another 25 percent through last week.
On Monday, the company announced Ullman, 66, who served as CEO from 2004 to 2011 would return to his position immediately.