The board of directors of J.C. Penney Company, Inc. announced that Myron E. (Mike) Ullman, III has rejoined the company as CEO, effective immediately. He succeeds Ron Johnson, who is stepping down and leaving the company.
Johnson, who formerly ran Apples retail unit, was hired with great fanfare 17 months ago but many of his strategies backfired, including eliminating coupons, and has resulted in a sharp drop in sales. Penney’s revamped stores and new lines of merchandise, such Joe Fresh, earned praise. But shoppers were turned off Mr. Johnson’s decision to cut back clearance sales and didnt respond when Penney started to reintroduce markdowns last year. Sales fell 25 percent in the year ended Feb. 2.
Ullman, who had served as CEO of Penney until late 2011, has also been elected to the board of Directors.
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.”
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.”
Engibous added, “On behalf of the Board of Directors, we would like to thank Ron Johnson for his contributions while at jcpenney and wish him the best in his future endeavors.”
About Myron E. (Mike) Ullman, III
Mike Ullman is a veteran retail industry executive with more than 25 years of experience who has served in leadership roles at several of the world’s best-known retail companies. Prior to spending seven years leading jcpenney, as Chairman and CEO through November 2011 and Executive Chairman through January 2012, he served as Directeur General of the world’s largest luxury group, LVMH Moët Hennessy Louis Vuitton, in Paris; Chairman and Chief Executive Officer of DFS Group Limited, the world’s leading travel retailer; and Chairman and Chief Executive Officer of R.H. Macy & Co., Inc. Mr. Ullman’s prior retail experience also includes leading Wharf Holdings Ltd. in Hong Kong and posts at Federated Department Stores earlier in his career. In addition, he previously served as a White House Fellow in the Reagan Administration, Vice President of Business Affairs at the University of Cincinnati, and as an International Account Manager for IBM Corporation.
Ullman currently serves on the boards of directors of Starbucks Corporation (NASDAQ: SBUX), Saks Incorporated (NYSE: SKS), and the COFRA Group headquartered in Zug, Switzerland, and as Deputy Chairman of the Federal Reserve Bank of Dallas. He is an advisor to the board of directors of the Retail Industry Leaders Association and is a past Chairman of the National Retail Federation. He is also Chairman of the Board of Mercy Ships International, a global medical and human services charity. He previously served as a director of Ralph Lauren Corporation; Taubman Centers, Inc.; LVMH Moët Hennessy Louis Vuitton; Federated Department Stores; and Segway, LLC.
