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.