JC Penney returns to the familiar with new CEO

(AP) - J.C. Penney is bringing back Myron E. "Mike" Ullman as its CEO after Ron Johnson's risky turnaround strategy backfired and led to falling sales.

Ullman's appointment is a return to the familiar for J.C. Penney. He was chief executive of the department store chain for seven years prior to Johnson's appointment. He had also been its executive chairman until January 2012.

Before joining J.C. Penney, Ullman was director general of luxury conglomerate LVMH Moet Hennessy Louis Vuitton. He has also been chairman and CEO of DFS Group Limited, a travel retailer, and CEO of R.H. Macy & Co.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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