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. But 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.
NOW WATCH: Ideas videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.