Ullman, who was CEO before Johnson, retook the reins. He rolled back many of Johnson's initiatives, going back to the basic
Coupon-crazed shoppers revolted, with devastating consequences for J.C. Penney. Sales plummeted by an astonishing $4.3 billion
After two previous failures in the retail world, Ackman was determined to make this one work. The result: a painful 17-month transformation attempt defined by nosediving sales, enraged employees and the ousting of the chief executive.
As the CEO lost the trust of the rank-and-file workers, Ackman became unable to convince the board to do his bidding, according
No one seems to want to run J.C. Penney. Less experienced executives will be much easier to convince to take the job because
As J.C. Penney attempts to recover from a period in which it alienated customers, enraged employees and suffered abysmal sales, its new chief executive, Mike Ullman, is aggressively purging corporate ranks and halting initiatives launched under the previous regime.
The home department, a much-touted Johnson brainchild, has been a spectacular failure since it launched in June. The revamp
"They want the freedom to run their business as needed and don't need a Wall Street hot shot messing around with everything
"What I observed happen yesterday, in my 20-plus years as a CEO, I have never seen or witnessed before," said Schultz. "I
Howard Schultz, the CEO of Starbucks, where Ullman currently sits on the board of directors, came to the J.C. Penney CEO's