Ron Johnson is out as the CEO of the iconic retailer and Mike Ullman III is back as CEO. After an initial pop higher, JC Penny (JCP) stock is trading lower by about 10%.
The guy who was supposed to turn around JCP was paid $53.3 million in 2011 and saw his salary cut to $1.9 million in 2012 is now looking for a new job.
But when the CEO is kicked to the curb, do stocks end up getting back what has been lost? Can one person really make that sort of difference?
Let's skip the whole Steve Jobs turned Apple (AAPL) around into a monster, but can you think of any other CEO's that have made a real impact when there predecessors had failed?
I did write a slightly longer piece on this not too long ago, but with the recent JCP news, it might be worth your while to review again.
Which new CEO do you have the most faith in, and which one to do you have the least faith in? Here are your choices:
Citigroup (C) boots Pandit, takes on Forese and Medina-Mora
Best Buy (BBY) had Brian Dunn quit and then hired Hubert Joly
Hewlett Packard (HPQ) packs it in with Mark Hurd and adds Meg Whitman
Yahoo! (YHOO) fires Bartz and hires Marissa Mayer
Chime in below!
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