Myron Ullman, who led J C Peney for 7 years, will replace Ron Johnson
J C Penney Monday replaced controversial chief executive Ron Johnson Monday after the ex-Apple executive's efforts to radically remake the mid-market retail chain fell flat.
The retailer announced that Myron Ullman, who led J C Penney for seven years prior to Johnson's November 2011 appointment, will retake the reins.
Johnson, whose appointment was greeted by the market, scrapped J C Penney mainstays such as sales and coupons to pitch the 1,100- store chain as "Everyday Low Pricing.”
While he succeeded in introducing some new youth-oriented brands to the 111-year-old retailer, customers deserted the company.
Meanwhile, the company struggled in the wake of the boom of online shopping.
J C Penney lost nearly $1bn in 2012 on $13bn in sales, and shed more than half its market value in the last year as Johnson faced skepticism on Wall Street.
Ullman, who also previously led the R H Macy retail chain, alluded to the challenges ahead in a company statement.
Although J C Penney has faced a "difficult period," he vowed to work with customers, vendors and shareholders.
"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," Ullman said.