It Was All Over For Ron Johnson When Bill Ackman Shredded Him On Friday

Reuters/ Eduardo MunozCNBC is reporting that Ron Johnson has been ousted as CEO at JC Penney, and will be replaced by his predecessor, Mike Ullman.

It’s a move that’s not unexpected after huge losses, strategic missteps, and a 97 per cent pay cut. ┬áBut the final blow that pushed Johnson over the edge was losing hedge fund manager Bill Ackman’s support.

Ackman called the execution of Johnson’s strategy “something very close to a disaster.”

This is a big deal because the billionaire investment was the guy who lured Johnson from Apple and for a long time his biggest supporter. Ackman also holds a seat on JCPenney’s board and his hedge fund owns 18 per cent of the company’s shares.

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