Where Ron Johnson Went Wrong

A year and a half ago, J.C. Penney (JCP) plucked Ron Johnson out of Apple (AAPL) to take the top role at the languishing retailer. The decision came at the behest of its largest shareholder, Bill Ackman of Pershing Square, and the news triggered J.C. Penney shares to leap 18% in a single day. Johnson's performance at Apple -- literally taking the company from zero retail footprint to giving its retail stores the highest profitable per square foot -- had become well-documented. Prior to Apple, Johnson had also enjoyed a successful stint at Target (TGT). So who better to provide J.C. Penney with the initial injection of excitement and change that it so desperately needed?

On Monday we found out that, after 17 months, Johnson has been relieved of his duties. Bill Ackman was quoted as saying that the most recent company results had been "very close to a "disaster." J.C. Penney shares have lost more than 50% since Johnson came on board....425 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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