Apple Inc. (NASDAQ:AAPL) was considered a model of retailing with its Apple Store concept, developed by Ron Johnson. His approach led to Apple becoming a worldwide brand and made the Apple Store the hip place for techies to shop for the latest innovative gadgets. And when J.C. Penney Company Inc. (NYSE:JCP) was in the market for a new executive to shake up things at the floundering retailer, Johnson’s name was certainly at the top of the list.
But now Johnson, who left Apple Inc. (NASDAQ:AAPL) to become the CEO at J.C. Penney Company Inc. (NYSE:JCP), is updating his resume after being ousted Monday afternoon following a very brief stint in which he tried to change the retail culture at the company into something in the mold of the Apple Store retail model. In fact, billionaire Bill Ackman of Pershing Square defended Johnson’s plan in this CNBC interview in November, saying the process would take time but that he was a believer in what Johnson was doing.
Does this mean that Johnson may end up back at Apple Inc. (NASDAQ:AAPL) to save the Apple Store, which was belieaguered in recent months? Stay tuned.
In the wake of the news, J.C. Penney Company Inc. (NYSE:JCP) stock rose about 10 percent at the end of the trading day, finishing up nearly 3 percent on the day to $15.87 per share. There is no announcement yet as to whether a replacement for Johnson has been named.
How does this news fit into your perception of J.C. Penney Company Inc. (NYSE:JCP) in the wake of our earlier article, asking you if you should buy the retail chain’s stock? Are you more or less of a believer now that Johnson is gone? What do you think about Johnson? Do you predict he’ll go back to Apple Inc. (NASDAQ:AAPL), or will he be hunted by someone else? We’d like your comments below.
For more reading, check out how Johnson, and other insiders have been trading JCP stock.
DISCLOSURE: I own no positions in any stock mentioned.