JCPenney's New CEO Will Ease Into Job
PLANO (AP) - JCPenney says its newly-designated CEO from Apple won't assume the job's full duties until February, even though he takes the title in November.
The company announced last week that 52-year-old Ron Johnson will succeed Myron Ullman III, its CEO and chairman since December 2004, on November 1st.
But the retailer said Monday that Johnson will only take over merchandising and marketing responsibilities on that date.
He will take over the rest of his CEO responsibilities on February 1st after a three-month transition. During that period Ullman will serve as executive chairman.
The CEO change announcement last week sent shares up 14 percent during the week. It shares were steady Monday at $34.29 in pre-market trading.
JCPenney Co. operates 1,100 department stores and is based in Plano, Texas.
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