I guess that turnaround touted by the idiots that pass for Wall Street analysts isn’t going well. Poor Ron. I wonder whether his severance package was $3 million or $4 million for destroying a 100 year old retailer in 15 months. That lear jet commute from Palo Alto every Monday morning must have been a real bitch. His acumen in deciding not to move to Plano Texas proves how smart this douchebag really is. Maybe Apple will rehire him so he can work his magic in their Apple stores.
Next stop – Bankruptcy.
JCPenney CEO Is Out
Submitted by Tyler Durden on 04/08/2013 17:06 -0400
So much for the “transformation” CEO. As per CNBC, he “is out”:
- J.C. PENNEY TO OUST RON JOHNSON AS CEO: CNBC
- J.C. PENNEY’S CEO JOHNSON `IS OUT’: CNBC
At least he lasted just a bit longer than the former JCP president Mike Francis, who came, saw, collected $10 million, and quit nine months later.
Why the stock is soaring after hours on this latest admission of defeat is beyond us. If anything, this means JCP is closer to filing than ever as the last bastion of hope at the distressed retailer is now gone.
I am stunned, I tell you, just stunned. That Apple’s tactics did not work at JC is truly amazing. Who would have guessed.
But, hey – JC has another plan! They have rehired Mike Ullman – the guy who was CEO from 2004 to 2011. He did such a great job destroying earnings, they thought they would give him another bite at the cherry to see if he could drive the last nail in the coffin.
I mean, how stupid can people be? Seriously? For fuck sake.
Nice call, Admin. You were months and months ahead of the JC Penney Board of Directors in saying that numbnuts had to go.
Maybe you should consider a career similar to Richard Boone’s TV character in “Have Gun, Will Travel.” First, you put the word out as a hired gun to get rid of Dumbass CEOs. After being contacted and travelling to the appointed place, you walk into a corporate board meeting and announce, “Look, this dickweed is so stupid he would fuck up a box lunch.”
Then, you tell the board members why. Afterwards, you collect your $100,000 hit fee and head home to a broadly smiling Avalon. Don’t forget to put another notch in your gun.
The firing you’ve been waiting for.
But I don’t think this last bozo CEO is really responsible for the downward spiral of JCP, I would actually target the move of the headquarters out of New York City to the black gumbo prairie of Plano, Tx to have been the beginning of the end. Penny’s descended into bottom feeding mediocrity after they left NY. Their stores began to suck, their merchandise lost quality, product offerings were reduced–their competition became 40 acre Walmarts instead of highrise downtown Macy’s. Mojo gone.
It’s interesting to me as I ran a UPS route for more than 10 years in the booming cotton fields cum subdivisions that became Plano. JCP headquarters was on my route. So was their neighbor Countrywide, went there every day, year after year after year. Such hoopla when they built that vapid and artificial business park. Looky looky now. (Frito Lay is out there too and so is EDS).
You can’t run a fashion empire from Plano Texas. That’s just dumb.
Fool wore chambray shirts for many years.
He moonlighted for a boiler shop that serviced the remote steam plant at the state prison.
The inmates made the shirts and there was always a bale in the boiler room to bu used as rags.
Boilermakers will steal anything that is not red hot or welded down and we always liberated several when we worked there.
The supply ran out years after moving to the hill and JCP had the best for quite awhile.
That dried up about ten years ago and he is down to two.
Please send $$$ so he can afford LL Bean shirts.
Humor aside LL Bean is one of the last bastions of the honest vendor companies.
Their prices are up there but…………….YOU ONLY GET WHAT YOU PAY FOR!!
An excellent argument against CEO (In F500) as most CEOs end up falling short of expectations but get well rewarded by Board anyway. Can you imagine anyone in JC Penney compensating a normal employee for destroying millions of dollars of shareholder equity while squaundering millions in capital. I think we need LLPOH on Penney’s board to nuke some sense into them.
Bill Ackerman (Hedge Fund Manager) played a big role in this which just goes to show the hedge fund managers should only invest – not try to get involved in active management when they obviously dont’ have the background. See Eddie Lambert at Sears if you need additional evidence.
Rumor is that Johnson walked away with $40 Million. Corporate Governance is out of control and the fox is eating the hens.
The age of the corporate dinosaurs is also about over. They too cannot exist without cheap plentiful oil. No? Think about when they came into being. None before coal and most not before oil. They will go out the same way.
OUCH!!! – DOWN 12% today
[img]http://chart.finance.yahoo.com/z?s=JCP&t=1d&q=l&l=on&z=l&a=v&p=s&lang=en-US®ion=US[/img]
DOUBLE OUCH – DOWN 70% in 15 months
[img]http://chart.finance.yahoo.com/z?s=JCP&t=2y&q=l&l=on&z=l&a=v&p=s&lang=en-US®ion=US[/img]
NOTHING better says — “WE ARE COMPLETELY OUT OF GOOD IDEAS!!!!” — than hiring the same old piece of shit who got you into this mess.
ANY individual investor holding on to JCP stock must have shit-for-brains disease.
but…but…but…
They are just getting ready to open their little “home” stores featuring more Chinese produced crap with some elite, rich-fucker’s name on it.
I caught that on CNBC the other day, I laughed and laughed and laughed.
Yep, open a store that needs people that want to improve their homes (so not in foreclosure, close to foreclosure, or a rental), ignore the fact that the industry is shrinking and that American consumers cannot put it on their home ATM (HELOC), or their 25% interest JCP credit card. Completely ignore the fact that full time employees continue to contract and part-time, temporary, underpaid is EXPLODING.
Yep, it’s all going be okay now that they dumped Applehead.
bwaahaaaahaaaaa
Interesting analysis from Planet Retail: http://www.planetretail.net/News/Article/0/83439
Hope it doesn’t require a login.
Thinker
It does require a login.
Sorry about that, Jim. Emailed you the full text.