JC Penney Co., Inc. hired Ron Johnson, Apple's senior vice president of retail, to be its next CEO. Johnson, widely regarded as the architect of Apple's highly successful foray into retail, will take the lead on JCP's turnaround starting November 1, 2011. Apple operates 326 stores in 12 countries, and the stores played a major role in boosting sales by allowing customers to to try Apple products. First quarter 2011 sales were $3.2 billion, up 90% from year earlier.
As part of the executive compensation package, JCP gave Johnson $50 million worth of restricted stock to replace the value of the equity award Apple gave him that were due to vest on March 24, 2012. The new JCP restricted stock vests on January 27, 2012. JCP's current CEO, Myron Ullman, will become executive chairman of the board.
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