Ullman to replace Johnson as J.C. Penney CEO

J.C. Penney's board of directors has rehired Myron Ullman as its CEO to replace Ron Johnson, who leaves the company 17 months into a turnaround effort that included eliminating coupons and incorporating brands such as Joe Fresh. "Some things are working well, others maybe not, but I deserve a chance to be on the ground," Ullman said.

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