JC Penney’s (JCP) board, after watching the unfolding debacle at the retailer for far too long, booted former Apple (AAPL) retail chief Ron Johnson today, and the market cried hallelujah, as seen in a stock chart:
Johnson, who seemed not to like existing JC Penney customers who’d grown fond of the company’s coupons and constant sales, even giving him credit for the mild jump in the stock upon his ouster, presided over a roughly 40% or 50% plunge in Penney shares, depending on how one figures it. His appointment was announced June 14, 2001:
He formally started as CEO November 1 of that year:
Worse than the stock plunge, sales fell as Johnson scared off once-loyal customers, and sales plunged. The board, listed here, still has some explaining to do. Myron Ullman, former Penney CEO, was rehired to try to right the ship.
Jeff Bailey, The Editor of YCharts, is a former reporter, editor and columnist at the Wall Street Journal and New York Times. He can be reached at firstname.lastname@example.org.
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