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J.C. Penney ousts chief of 17 months

from The New York Times

After a troublesome 17-month run, Ron Johnson is out as chief executive of J. C. Penney, and with that, the most closely watched revival effort in retail in recent memory is in danger of disintegrating. The company's board recently said Johnson, who engineered Apple's retail strategy, is leaving Penney and that Myron E. Ullman III, who had been C.E.O. at the retailer for seven years until Mr. Johnson took over, has returned to the helm. more


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