JC Penney nabs Apple retail chief to become its new chief executive
The head of Apple's retail operations, Ron Johnson, is set to depart Apple and will become the new president and chief executive of retailer J.C. Penney.
Johnson, who played an instrumental role in the success of Apple's retail stores since the first one opened 10 years ago, will take over as the new head of J.C. Penney Company on Nov. 1, the company revealed on Tuesday. Johnson has spent the last 11 years as senior vice president of retail at Apple.
"I've always dreamed of leading a major retail company as CEO, and I am thrilled to have the opportunity to help J. C. Penney re-imagine what I believe to be the single greatest opportunity in American retailing today, the department store," Johnson said in a statement. I have tremendous confidence in J.C. Penney's future and look forward to working with (current CEO) Mike Ullman, the executive board and the company's 150,000 associates to transform the way America shops."
Prior to his work at Apple, Johnson spent 15 years at Target, where he served as a key merchandising executive. He received his MBA from Harvard Business School, and a Bachelor of Arts in economics at Stanford.
Johnson's hiring is part of a succession planning process in place as Ullman prepares to become the company's executive chairman. Effective Aug. 1 of this year, Johnson will also join J.C. Penney's board of directors.
"I am delighted that Ron is joining our board and the company, and look forward to working with him as we continue to transform the J.C. Penney brand," Ullman said. "He is widely recognized and highly regarded in the retail industry for his creativity and innovation, his commitment to empowering employees to deliver an unparalleled customer experience, and to making stores exciting places where people love to shop. His tremendous accomplishments at Apple and Target speak to his great consumer merchandising, marketing and operational talent."
Late last year, Johnson took receipt of his third mega-million dollar payday in as many years, exercising 150,000 AAPL stock options. He cleared a whopping $44.2 million in profit before taxes.
Prior to that, in March, he moved 200,000 options for a profit of roughly $46 million, and in 2007, he netted nearly $113 million from selling 700,000 shares of common stock.
Johnson was lured away from Target by Apple Chief Executive Steve Jobs in 2000 to spearhead the company's fledgeling retail business. He's renowned not only for crafting an international chain of retail stores that are among the world's most profitable per square foot, but also for pioneering the extremely successful "Genius Bar" concept found inside those stores, in the face of initial stiff opposition from Jobs.
Johnson, who played an instrumental role in the success of Apple's retail stores since the first one opened 10 years ago, will take over as the new head of J.C. Penney Company on Nov. 1, the company revealed on Tuesday. Johnson has spent the last 11 years as senior vice president of retail at Apple.
"I've always dreamed of leading a major retail company as CEO, and I am thrilled to have the opportunity to help J. C. Penney re-imagine what I believe to be the single greatest opportunity in American retailing today, the department store," Johnson said in a statement. I have tremendous confidence in J.C. Penney's future and look forward to working with (current CEO) Mike Ullman, the executive board and the company's 150,000 associates to transform the way America shops."
Prior to his work at Apple, Johnson spent 15 years at Target, where he served as a key merchandising executive. He received his MBA from Harvard Business School, and a Bachelor of Arts in economics at Stanford.
Johnson's hiring is part of a succession planning process in place as Ullman prepares to become the company's executive chairman. Effective Aug. 1 of this year, Johnson will also join J.C. Penney's board of directors.
"I am delighted that Ron is joining our board and the company, and look forward to working with him as we continue to transform the J.C. Penney brand," Ullman said. "He is widely recognized and highly regarded in the retail industry for his creativity and innovation, his commitment to empowering employees to deliver an unparalleled customer experience, and to making stores exciting places where people love to shop. His tremendous accomplishments at Apple and Target speak to his great consumer merchandising, marketing and operational talent."
Late last year, Johnson took receipt of his third mega-million dollar payday in as many years, exercising 150,000 AAPL stock options. He cleared a whopping $44.2 million in profit before taxes.
Prior to that, in March, he moved 200,000 options for a profit of roughly $46 million, and in 2007, he netted nearly $113 million from selling 700,000 shares of common stock.
Johnson was lured away from Target by Apple Chief Executive Steve Jobs in 2000 to spearhead the company's fledgeling retail business. He's renowned not only for crafting an international chain of retail stores that are among the world's most profitable per square foot, but also for pioneering the extremely successful "Genius Bar" concept found inside those stores, in the face of initial stiff opposition from Jobs.
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Wow, really? He'd rather work for JC Penny than Apple?
I think he'd rather be a CEO than a VP his whole life. There was nowhere else for him to go inside Apple, and he doesn't really have anything else to prove, seeing how successful Apple's retail business consistently is.
He certainly seems to have made a shitload of dough working for Apple. Hundreds of millions in cash for 10 years work is not too shabby.
http://forums.appleinsider.com/showthread.php?t=126313
He will be missed. But growth and personal development of the individual has its place in a team of talented people like we enjoy observing at Apple. It was an opportunity he could not pass up I am sure.
Thanks Ron for all you have done to make walking into an Apple store absolutely an amazing experience.
sincerely,
a grateful CE fan.
Wow, really? He'd rather work for JC Penny than Apple?
Actually yes. Johnson's passion is in taking screwed up retail situations and turning them around. He's done his job with Apple and has likely been training his underlings to keep it going for the last year or two. They don't need him anymore.
JC Penny on the other hand, needs him. A lot. They are horrid. So now he'll have the challenge that he enjoys and looks for.
And Apple is likely totally in support of it. Cause that's their style. They like to get rid of folks for bigger and better, which for Johnson this would be. It also shows how awesome they are that everyone wants their peeps.
Wow, really? He'd rather work for JC Penny than Apple?
Apple is doing quite well nowadays, so he just might be interested in joining an aging company and help revitalize them.
Wow, really? He'd rather work for JC Penny than Apple?
New challenge my man, new challenge. Besides, he already got millions from Apple so what he need next is that CEO title.
It will be interesting to see what happens to JC Penny. Personally, I think Sears could use him more. I guess all of these department stores really need a bit of fresh blood though.
IMO, department stores is the way forward. With high street shops closing and driven out of business by large out of town supermarkets, city centres need a large one roof solution to save them.
He'll regret that decision!!!! What a loser!
What an insensitive and horrible thing to say about a man who's been a huge contributed to Apple's success over the past 10 years. My suggestion, you STFU, and troll elsewhere.
Good luck RJ.
He'll regret that decision!!!! What a loser!
You can thank him for the Apple Store and the Genius Bar.
The man probably realizes he's done as much good as he can for Apple and it's time to move on. He can take the easy route and just sit cozy at Apple, or start fresh with trying to help modernize and re-popularize JC Penny.
He'll regret that decision!!!! What a loser!
I consider him a winner myself.
Now yourself, well, that's another matter.
It will be interesting to see what happens to JC Penny. Personally, I think Sears could use him more. I guess all of these department stores really need a bit of fresh blood though.
That was my thought exactly. Sears is a venerated American brand with a strong identity as a general goods retailer that seems to kind have lost their way.
I think there would have been more upside for an innovative Sears makeover that played to their iconic strengths than there will ever be for JC Penny, which is..... a department store? With some mediocre "celebrity" women's fashion lines?
Sears has a pretty decent value priced clothing lineup (who doesn't?) but they also have a strong guy thing with their Craftsmen tools and home improvement sections, plus well regarded Kenmore appliance range, plus a relatively well stocked home entertainment section, plus things like in store optometry/we have everything that have been co-opted by folks like Target.
Sears could have been Target with much better tools and home improvement, better clothes, plus excellent appliances, all within a folksier, "Americana" vibe that presented itself as a 21st century general store. I don't know if JC Penny has the foundations to make anything interesting, but if anyone can do it I guess it's Johnson.
It will be interesting to see what happens to JC Penny. Personally, I think Sears could use him more. I guess all of these department stores really need a bit of fresh blood though.
Yeah, Sears would almost seem a bit more if a fit.
Sears is more varied in what they carry. Electronics, quality appliances, solid tools, etc as well as the stuff Penneys has.