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Apple exec to become CEO of J.C. Penney

Written by Andre Yoskowitz (Google+) @ 15 Jun 2011 1:43 User comments (2)

Apple exec to become CEO of J.C. Penney J.C. Penney has announced this morning the recruitment of Ron Johnson, Apple's current senior vice president of retail, as CEO.
Johnson will start on November 1st, taking over the position from Myron Ullman, who will stay on as executive chairman of the board.

Penney's market value rose a ridiculous $1 billion during trading on Tuesday following the news with investors and traders clearly seeing Johnson as a huge benefit to the company.

The new CEO was also given $50 million worth of warrants, which will replace the Apple equity award that would have been vested in March of next year.

Since Johnson came on board, Apple has expanded from 1 retail store to over 300, and each store brings in, on average, $34 million in profit per year.

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2 user comments

115.6.2011 10:26

34 million in profit each store each year?????????

Shmucks!

215.6.2011 13:39

Great, now I'm going to have a pair of slacks that are going to not only know where I'm at all times, but when I drop trou to shit too?

Disney owns all TV broadcasts, now Apple wants to own my clothes, is Toyota going to own my asshole next!?!

I need to go check with my realtor & see about buying a cave. Any of you guys selling a cave with some beach front property?

But it has to have cable hook ups though... None of that DSL shite...

Retirement property.

This message has been edited since its posting. Latest edit was made on 15 Jun 2011 @ 13:44

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