NEW YORK (CNNMoney) — The Ron Johnson era is over at J.C. Penney.
The troubled department-store chain announced late Monday that Johnson is stepping down and leaving the company after just a year and a half. He is being replaced by his predecessor, Mike Ullman, who led the company for seven years prior to Johnson’s arrival.
J.C. Penney shares surged initially on the news of Johnson’s departure, but pulled back and were down 3.5% by 5:30 p.m. ET.
“We are fortunate to have someone with Mike`s proven experience and leadership abilities to take the reins at the Company at this important time,” J.C. Penney chair Thomas Engibous said in a statement.
“While J.C. Penney has faced a difficult period, its legacy as a leader in American retailing is an asset that can be built upon and leveraged,” Ullman said.