Ron Johnson, the Apple alum and CEO JCPenney hoped would transform its plummeting sales, has apparently been ousted. A source told CNBC that Mike Ullman, who was CEO for seven years before Johnson was appointed in 2011, will be returning to his post. “We are fortunate to have someone with Mike’s proven experience and leadership abilities to take the reins at the company at this important time,” said board chairman Thomas Engibous. In the last fiscal year, the company’s revenues were $12.99 billion, down 27 percent from before Johnson took charge.
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