CEO

Summary Box: Penney's CEO unveils turnaround plan

AP News
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Posted: Jan 25, 2012 2:42 PM
Summary Box: Penney's CEO unveils turnaround plan

PENNEY'S PLAN: J.C. Penney's new CEO, Ron Johnson _ the mastermind behind the highly successful Apple Inc. stores _ announced the department store is simplifying its pricing, getting rid of hundreds of promotions, and carving the stores into 80 to 100 shops.

THE IMPORTANCE: The moves are being watched closely as Penney's new management could revolutionize how shoppers buy clothes and housewares just as Apple revolutionized how consumers buy gadgets.

WHAT'S NEXT: Johnson says shoppers will start to see changes in stores next month but that the full transformation will occur in the next four years.