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J.C. Penney gets $1-billion boost after picking Apple exec as CEO

Los Angeles Times - Jun 14, 2011

J.C. Penney Co. shares are rocketing Tuesday after the retailer said it lured Apple Inc.’s Ron Johnson to take over as chief executive of the 1,100-store chain.

The stock was up $5.66, or 19%, to $35.77 at about 11 a.m. PDT, boosting Penney’s market value by $1.2 billion, to $7.6 billion.

Johnson, 52, has led Apple’s highly successful retail-store strategy for the last 11 years. Before that he was a merchandising executive at Target Corp. for 15 years.

“I’ve always dreamed of leading a major retail company as CEO, and I am thrilled to have the opportunity to help J.C. Penney reimagine what I believe to be the single greatest opportunity in American retailing today, the department store,” Johnson said in a statement.

Read Full Article from Los Angeles Times

- Posted: 2011-06-14 13:27:40


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