Tuesday, June 14, 2011

JC Penney Shares Surge on Appointment of New CEO

J. C. Penney Company, Inc. (NYSE: JCP) soared more than 17% after the department store operator named Apple retail executive Ron Johnson as its next chief executive officer, succeeding Mike Ullman in that role. Mr. Johnson will assume the CEO position on Nov. 1, 2011, and report to Mr. Ullman, who will become executive chairman. Mr. Johnson will also join the Company's Board of Directors, effective Aug. 1, 2011. "I've always dreamed of leading a major retail company as CEO," Johnson said in a prepared statement. "I am thrilled to have the opportunity to help JC Penney re-imagine what I believe to be the single greatest opportunity in American retailing today -- the department store." Stay tuned fore more.

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