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JC Penney shares jump on report CEO is out

The Associated Press

Shares of J.C. Penney Co. are up in after-hours trading on a report that the department store's chief executive Ron Johnson is leaving.

CNBC, citing a source, reported Monday that Johnson will step down.

Johnson became CEO of the company in 2011. He made drastic changes to the business, including slashing the number of sales in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores.

J.C. Penney shares rose 23 cents to $16.10 in after-hours trading.