Ron Johnson's Retail Revolution Ends With CEO's Exit From J.C. Penney

Ron Johnson lasted just 17 months as CEO of J.C. Penney. A J.C. Penney spokeswoman confirmed that Johnson is stepping down and will be replaced by his predecessor, Myron "Mike" Ullman, effective immediately. Ullman has also been elected to Penney's board of directors. "We are fortunate to have someone with Mike's proven experience and leadership abilities to take the reins at this important time," said Thomas Engibous, chairman of the board of directors, in a statement. "He's well-positioned to quickly analyze the situation J.C. Penney faces and take steps to improve the company's performance."