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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.