JC Penny's shares rose on tuesday from $30.25 on monday to a surprising amount of $36 on the day of the disclosure. The retailer has been in problem for quite sometime now, the rise was due to the announcement made by the retailer that the chief of Apple’s retail operations, Ron Johnson, would be its new CEO.Well, whats not being noticed by many was the observation made by Wall Street Journal that the current CEO,Myron E.Ullman (mike), who has been the main controller of J.C.Penny through its entire collapse, would continue to be the executive chairman. Since mike is still an integral part of JC Penny, it would be difficult for Jhonson to take hold of the departmental store. But its a a huge win for JC Penny to attract someone like Ron Jhonson. Jhonson, who has done wonders working under Steve Jobs (Apple), does have a miraculous caliber of turning things around.
To know more about the retailer, JC Penny, log onto :
http://www.jcpenney.com/
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