J.C. Penney Names Apple Exec as CEO

J.C. Penney announced June 14 that its next CEO will be the
current head of the Apple chain, one of the great retail success stories from
the last decade.

Ron Johnson, Apple’s vice president of retail since 2000,
will succeed current CEO Myron “Mike” Ullman on Nov. 1. Ullman, who joined
J.C. Penney as chairman and chief executive officer in late 2004, will become the company’s executive
chairman.

Johnson, 52, joined Apple from Target Corp., where he was
vice president of merchandising.

“I’ve always dreamed of leading a major retail company as CEO,
and I am thrilled to have the opportunity to help J.C. Penney reimagine what I
believe to be the single greatest opportunity in American retailing today, the
department store,” Johnson said in a statement.

The statement noted that, as demonstration of his confidence
in J.C. Penney’s long-term potential, Johnson has committed to making a personal
investment of $50 million in the company through the purchase of J.C. Penney
stock.