Retailer, J.c. Penney Ceo | featured news

The ad comes after the Plano, Texas-based company last month fired its CEO, Ron Johnson, after 17 months on the job and rehired his predecessor Mike Ullman. Johnson's ambitious changes included getting rid of most sales and bringing in new, hip brands. The strategy was designed to attract younger, wealthier shoppers in a bid to reinvent the stodgy retailer, but it alienated Penney's loyal customers and caused sales to plummet.

After a troublesome, 17-month run, Ron Johnson is out as chief executive of J.C. Penney, and with that, the most closely watched revival effort in retail in recent memory is in danger of disintegrating.

J.C. Penney CEO Ron Johnson seems unfazed that the department store chain's mounting losses and sales declines have led to growing criticism of his plan to change the way we shop. Perhaps that's because this isn't the first time during Johnson's 30-year career that he's attempted what seemed impossible.

J.C. Penney Co.’s transformation team started to unravel on Monday. Penney president Michael Francis was fired after only eight months as the No. 2 executive at the Plano-based department store chain. Francis’ abrupt departure appears to be another corrective step from CEO Ron Johnson, who recently acknowledged that Penney’s marketing message has confused shoppers.