Since Johnson took over in 2011, JC Penney shares are down 51 percent and the company’s market cap has fallen $6.84 billion to $3.49 billion.
Johnson had come under fire for his plans to revitalize the retailer by instituting a no-sale strategy and selling more fashionable merchandise. That strategy hasn’t worked out.
Former CEO Mike Ullman would take over the reins at J.C. Penney as the interim CEO.
Johnson, along with Steve Jobs, led Apple’s entry into the retail segment back in 2001, and continued leading the company’s retail efforts for more than a decade, making concepts like Apple Stores and Genius Bars a reality. Since he left Apple, the company’s retail leadership hasn’t exactly been stable, with many executive shakeups, including the hiring and firing of John Browett within a span of just six months.
With no replacement being brought in for Browett, CEO Tim Cook leads the retail devision, but we’re pretty sure that Apple would welcome Johnson again with arms wide open. Apple, in fact, even has a provision to let ex-employees return to the company within 2 years and retain their seniority.