You are able to not know the name Ron Johnson, but you’re definitely accustomed to his work — that’s the fellow who built Apple’s retail empire . Eleven years ago Jobs brought Johnson directly to create the 1st Apple store, stealing him far from his position at Target. Now the guy who brought you the Genius Bar and roaming, iPhone-wielding sales reps is moving on, and taking his expertise to the dep. store stalwart J.C. Penney. A spokesperson for the Cupertino crew told All Things D that the corporate was already on the lookout for his replacement, but we’re more curious about what Johnson would be doing with the shopping center staple when he is taking over as CEO on November first. We are able to only imagine that iPad-based virtual fitting rooms and desks of Jean-iuses can be helping you decide out your next pair of Levis. PR after the break.
MYRON E. (MIKE) ULLMAN, III TO BECOME EXECUTIVE CHAIRMAN OF THE BOARD
Johnson Has Led Apple Inc.’s Retail Since Its Inception
Will Join J. C. Penney’s Board of Directors on August 1
PLANO, Texas, June 14, 2011 /PRNewswire via COMTEX/ –
Myron E. (Mike) Ullman, III, chairman and chief executive officer of J. C. Penney Company, Inc. (NYSE: JCP), today announced that Ron Johnson, an innovative and very popular retail executive, have been named the Company’s next chief executive officer, succeeding Mr. Ullman in that role. Mr. Johnson will assume the CEO position on Nov. 1, 2011, and report back to Mr. Ullman, who becomes executive chairman. Mr. Johnson also will join the Company’s Board of Directors, effective Aug. 1, 2011.
Mr. Johnson, 52, has served for the past 11 years as senior vp of retail at Apple Inc., where he led its retail strategy, which from its start in 2001 now numbers over 300 stores within the U.S. and abroad. He joined Apple after 15 years at Target Corporation, where he was a key merchandising executive.
Mr. Ullman said, “i’m delighted that Ron is joining our Board and the corporate, and look ahead to working with him as we continue to remodel the jcpenney brand. He’s widely known and very talked-about inside the retail industry for his creativity and innovation, his commitment to empowering employees to deliver an unparalleled customer experience, and to creating stores exciting places where people like to shop. His tremendous accomplishments at Apple and Target speak to his great consumer merchandising, marketing and operational talent.”
Thomas J. Engibous, lead director of J. C. Penney Company’s Board, said, “The corporate has made outstanding strides under Mike Ullman’s leadership and it has great potential ahead because of the Long Range Plan for growth he and the management team developed and are executing, along with top management succession planning. The progress made under Mike’s leadership is reflected within the Company’s ability to draw an executive of Ron Johnson’s talent and track record because it continues to concentrate on achieving its objective of turning into America’s most enjoyable place to buy. We glance forward to Ron joining our Board after which to his assuming the manager executive role as he, Mike and their team work towards achieving the Company’s goals.”
Mr. Johnson said, “I’ve always dreamed of leading a tremendous retail company as CEO, and i’m thrilled to give you the chance to assist J. C. Penney re-imagine what i think to be the one greatest opportunity in American retailing today, the dep. Store. I actually have tremendous confidence in J. C. Penney’s future and watch for working with Mike Ullman, the chief Board and the Company’s 150,000 associates to radically change the best way America shops.”
As an illustration of his confidence in J. C. Penney’s long-term potential, Mr. Johnson requested and has committed to make a private investment of $50 million within the Company in the course of the purchase, at fair market value, of seven 1/2-year warrants on 7.257 million shares ofJ. C. Penney Company stock. The warrants can’t be sold or hedged for the 1st six years in their term and feature a strike price of $29.92, the closing price of the stock at the business day sooner than Mr. Johnson’s commitment to buy the warrants.
About Ron Johnson
Ron Johnson brings to J. C. Penney Company over 25 years of retail experience and a protracted and successful track record of delivering year-over-year growth for multi-billion dollar companies.
Before joining Apple, Mr. Johnson held loads of positions with Target Corporation, serving in his last role there as vp of merchandising. In his 15-year merchandising career with Target he had responsibility for such categories as Men’s Apparel, Women’s Apparel and Accessories, Children’s and residential. He’s most noted for launching and leading the Design Initiative at Target, which began with the Michael Graves collection for home and included several other key brands resembling Calphalon, Carr, Bodum and more.
Mr. Johnson received his MBA from Harvard Business School and his Bachelor of Arts at Stanford in Economics.
About Myron E. (Mike) Ullman, III
Mr. Ullman joined J. C. Penney as Chairman and CEO in late 2004. Over the subsequent several months, he and the Company’s Executive Board designed an extended Range Plan for the expansion of J. C. Penney to put it for leadership within the retail sector, and so they have made great progress in delivering on its goals. This has included enabling the corporate to navigate in the course of the challenging economic environment of the past several years and to emerge with an enhanced reputation for style at compelling prices, industry-leading customer support, innovation inside the digital experience, leading-edge technology around the organization, significant financial strength and a commitment to operational effectiveness.
Importantly, under Mr. Ullman the corporate has installed place a succession planning process for senior management, including for the CEO position. The appointment of Mr. Johnson is a key step in that process.
Even previous to joining J. C. Penney Company, Inc., Mr. Ullman had a distinguished track record within the retail business, both domestically and internationally. His leadership experience included serving as group managing director of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury goods manufacturer (from 1999-2002); chairman and chief executive officer of DFS Group Limited, the travel retailer (1995-1999); chairman and chief executive officer of R. H. Macy & Co., Inc. (1992-1995); and group managing director of Wharf Holdings, Ltd. in Hong Kong (1986-1989). Among his other roles, he was appointed a White House Fellow by President Ronald Reagan. Mr. Ullman currently serves as deputy chairman of the Federal Reserve Bank of Dallas; presiding independent director of Starbucks Corporation; Board member of the Retail Industry Leaders Association; and chairman of the board of Mercy Ships International.
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