Former Apple executive Ron Johnson was outsted from his CEO role at Dallas-based J.C.Penney on Monday, (April 8), according to CNBC.
J.C.Penney said Mike Ullman, will step in as interim CEO for the mean time, he ran the company ahead of Johnson’s appointment.
Analysts say this move is not unexpected given the retailer’s plummet amid massive store changes ushered in by Johnson two years ago.
Shares of J.C.Penney fell 2.72% Monday closing at $15.87. The price continued to slide after hours below the $15 range losing more than 7% in value.
Since Johnson took control in November 2011, J.C.Penney’s market cap has plummeted 49% for a loss of $5 billion to shareholders.
Analysts point out it’s a critical time for a key management change as this is buying season for back-to-school and the all important holidays.