Reported first by CNBC, the J.C. Penney Company Board of Directors has announced that Mayron E. (Mike) Ullman, III, an ex-Apple SVP of Retail has rejoined the Company as Chief Executive Officer effective immediately and succeeds Ron Johnson. The company’s board of directors has elected him as he is a highly accomplished retail industry executive, who even also served as CEO at J.C. Penney until late 2011.
Thomas Engibous, Chairman of the Company’s Board of Directors, said, “We are fortunate to have someone with Mike’s proven experience and leadership abilities to take the reins at the Company at this important time. He is well-positioned to quickly analyze the situation jcpenney faces and take steps to improve the Company’s performance.”
Mr. Ullman added, “While jcpenney has faced a difficult period, its legacy as a leader in American retailing is an asset that can be built upon and leveraged. To that end, my plan is to immediately engage with the Company’s customers, team members, vendors, and shareholders, to understand their needs, views, and insights. With that knowledge, I will work with the leadership team and the Board to develop and clearly articulate a game plan to establish a foundation for future success.”