Updated on Apr. 9, at 3:39 p.m.
It seems J.C. Penney's shareholders and board of directors got impatient with waiting for Ron Johnson to deliver results and decided to get rid of him mid-turnaround. The Wall Street Journal reports that after a board meeting yesterday, Johnson was let go and the CEO he replaced, Myron Ullman, has been brought back to oversee the retailer's operations.
So far, Ullman has indicated he will wait to institute any drastic changes. According to the Journal:
"I wouldn't recommend that we go back to the way J.C. Penney was when I left. Things change," he said. But, he added, "There's no reason to try and alienate customers who want to try and shop at J.C. Penney."
It will be interesting how the turnaround will play out under the new/old leadership. Some analysts feel Johnson may have been able to deliver good results if given enough time to overhaul Penney's image. Let us know what you think about the timing of his ouster: are you pro or con, and why?
Update: The Wall Street Journal reports that through the first two months of 2013, J.C. Penney's same-store sales fell 10 percent compared to the same period last year. In the first quarter of 2012, the retailer reported an 18.9 percent drop in same-store sales.