Ullman to exit JCP in February

Home Textiles Today Staff -- Home Textiles Today, 6/20/2011 9:30:05 AM

Plano, Texas - Last week, J.C. Penney Inc. announced chairman and ceo Mike Ullman will become executive chairman when Apple executive Ron Johnson joins the company as ceo on Nov. 1. In transition details released today, the company revealed Ullman will serve in that role only temporarily, stepping down from the company and the board on Feb. 1, 2012.

"Ron and Mike both believe it would help the transition to have a short period during which they will work together to lead the company," said Thomas Engibous, lead director of the company's board.

He added: "We greatly appreciate that Mike, who has been an outstanding leader at J. C. Penney, has agreed to remain as executive chairman through the end of this fiscal year to ensure a smooth transition of responsibilities."

Johnson will become of member of the retailer's board on Aug. 1. When he takes the reins as ceo, he will oversee merchandising and marketing. Other aspects of the company will become his responsibility over the subsequent three months.

Said Johnson: "I am excited to work with Mike, the board and the entire J. C. Penney team as we lay the foundation to transform the way America shops. I cannot wait to get started."