The man behind Apple’s popular App Store, Ron Johnson has served the California-based company for a decade before he gave up his position back in the November to take the role of CEO at J.C. Penney, which is chain of mid-level department stores in the U.S. At that time, Johnson was found saying that it was his long time dream to become a CEO of a leading retail outlet. Moreover, Johnson also said that he was thrilled to help “re-imagine what I believe to be the single greatest opportunity in American retailing today, the Department Store.” Therefore, Johnson did not waste any time and right away jumped on the opportunity. However, Apple’s Ex-Senior Vice President of Retail Operations was not able to live this dream for long, as just 17 months after becoming the CEO of J.C. Penney, retail outlet decided to let go of the top level executive.
J.C. Penney has announced that it has fired Johnson and he will be replaced by Myron E. Ullman III, who had earlier worked in the same capacity for the Texas-based department store. Mentioning the reason for firing Johnson, The New York Times has reported that his performance at J.C. Penney was terrible therefore the company decided to get rid of the former Apple executive.
Here is a piece from The New York Times report:
“For the 2012 fiscal year, Penney lost more than $4 billion in sales as traffic declined. Its stock closed Monday at $15.87, less than half of its price after Mr. Johnson’s appointment was announced in June 2011. It had $13 billion in sales for the 2012 fiscal year, well below its competitors Macy’s and Kohl’s.”
J.C. Penney failed to recover from the decline, as recently the company has declared its last quarter earnings, which not only showed a $552 million loss, but also depicted 30 percent decline in the sales during the period. Johnson basically used the same manner, which he was accustomed of at Apple, but his redesigned retail failed to generate any spark in the sales of J.C. Penney.
As a result of that J.C. Penney chopped the salary of Johnson by 97 percent to $1.9 million in 2012. So overall, Johnson’s time as CEO at J.C. Penney was not pleasing yet some believe that this is not just the end of road for him, as Apple’s door might still be open for the former employee, as the Cupertino-based tech giant has fired his successor John Browett last fall.
Source: iPhoneinCanada, 9to5Mac
Photo: TheRobinReport
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