J.C. Penney Co. made a radical break with tradition by hiring Silicon Valley wunderkind Ron Johnson as chief executive officer. With Johnson gone, the chain may have to pursue even more radical options, such as selling itself.
After suffering a 25 percent annual sales decline, J.C. Penney Monday ousted Johnson, 54, and replaced him with his predecessor, Myron E. Ullman III, 66. Investors, who pushed the shares up 13 percent on news that Johnson was out, abruptly sold after learning Ullman was the new CEO.
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