Ron Johnson's forced resignation as CEO of J.C. Penney has driven up credit default swaps linked to the company's debt. After its worst year in more than two decades, the retailer is replacing Johnson with his immediate predecessor, Myron Ullman III. "The board's decision to make a leadership change by bringing back the former CEO underscores the severity of the operational issues at the company," according to a report by David Kuntz of Standard & Poor's.

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