Ron Johnson is out at J.C. Penney; Mike Ullman is rehired as CEO

J.C. Penney's board of directors has ousted chief executive Ron Johnson after 17 turbulent months, and will rehire the prior CEO, Mike Ullman, on an interim basis. "Some things are working well, others maybe not, but I deserve a chance to be on the ground," Ullman said. Criticism of Johnson's reign peaked when Pershing Square Capital Management's Bill Ackman acknowledged that the Johnson period "has been something very close to a disaster."

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