J.C. Penney Should Be Prudent With Revamp, Says Ex-CEO

Former J.C. Penney Co. Chief Executive Officer Allen Questrom said the retailer should be prudent as CEO Ron Johnson implements a plan to turn most of the chain’s locations into collections of boutiques. “In high-risk situations, one needs to be prudent," Questrom said in a telephone interview. "Decisions can't be Powerball chances. You're responsible for employees and managing shareholders' money."