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Apple Retail Chief to Become JCPenney's CEO

PLANO, TEXAS - Apple Inc.'s vp of retail Ron Johnson will become J.C. Penney Inc.'s new ceo, effective Nov. 1. Chairman and ceo Mike Ullman, who joined the company in 2004, will become executive chairman of the board.
     Johnson has been with Apple for 11 years, leading the company's retail operation, which now numbers more than 300 stores around the world. Prior to joining Apple, he held several merchandising positions at Target, including home. "He is widely recognized and highly regarded in the retail industry for his creativity and innovation, his commitment to empowering employees to deliver an unparalleled customer experience, and to making stores exciting places where people love to shop," said Ullman. Johnson said the appointment fulfills a long-held dream, "and I am thrilled to have the opportunity to help J. C. Penney re-imagine what I believe to be the single greatest opportunity in American retailing today, the department store."
     To demonstrate his commitment to the company, Johnson has committed to make a personal investment of $50 million in JCP through the purchase, at fair market value, of 7 1/2-year warrants on 7.257 million shares of J. C. Penney Company stock.
     The warrants cannot be sold or hedged for the first six years of their term and have a strike price of $29.92, the closing price of the stock on the business day prior to Johnson's commitment to purchase the warrants.

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