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Apple's Johnson To Head JCPenney

6/15/2011 09:28:09 AM Eastern
Plano, Texas - Ron Johnson is leaving his post as retail senior VP of Apple to assume the CEO slot at JCPenney.

Ron Johnson
Johnson joined Apple 11 years ago, where he developed the company's retail strategy and much-vaunted store format.

Prior to that he spent 15 years in key merchandising roles at Target, where he introduced premium brands and private-label designer lines to the discount chain.

Apple issued a statement wishing Johnson well and noting that it has "a great retail team in place" and is actively recruiting for his replacement.

He will assume his new role at JCPenney on Nov. 1, succeeding Myron Ullman who will become executive chairman of the discount department store chain.
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