J.C. Penney Outlines Exec Transition Strategy
PLANO, Texas-Current J.C. Penney CEO Myron Ullman will remain with the company for three months after successor Ron Johnson comes on board in the fall, according to a succession strategy outlined by J.C. Penney.
As previously announced, Johnson, an Apple executive, will join J.C. Penney's board of directors on Aug. 1 and assume the role of CEO on Nov. 1. At that time, Johnson will have immediate responsibility for core merchandising and marketing functions and will have full responsibility for all other business areas by the end of a three-month transition period. He will work with and report to Ullman, who will remain executive chairman of the board until Feb. 1, 2012, the beginning of the company's 2012 fiscal year. At that time Ullman will step down from the company and its board.
"I look forward to becoming the CEO of J.C. Penney and working side by side with Mike during the first three months of my tenure," Johnson said. "I am excited to work with Mike, the board and the entire J.C. Penney team as we lay the foundation to transform the way America shops. I cannot wait to get started."
Ullman said, "I look forward to working with Ron and assisting him in making a rapid and successful transition, and then to step aside, as has been my practice in previous CEO positions. Leadership succession planning was a key priority of mine and of our board of directors, and I am delighted we have accomplished it in such a positive way for J.C. Penney. We are confident that the company will reach its next stage of growth and success under Ron's leadership."