NEW YORK - J.C. Penney is naming Mike Ullman as its new CEO. He takes over from Edina-native Ron Johnson, who is leaving the company.
Ullman was head of the department store chain, based in Plano, Texas, prior to Johnson's appointment to the top spot in 2011 in an effort to halt the department store chain's sliding earnings.
Johnson came under pressure after his turnaround strategy failed to win over shoppers. His drastic changes included slashing the number of sales in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores.
Johnson pioneered Apple Inc.'s hip retail stores. He also worked as executive in the Target Corp.
J.C. Penney shares dropped 42 cents, or 2.7 percent, to $15.45 in after-hours trading.
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