Photo: CBS Morning screengrab
JCPenney CEO Ron Johnson acted like he was buds with Macy’s CEO Terry Lundgren, while he really was preparing a ruthless business move, according to emails revealed in court. After the newly-appointed Johnson revealed his turnaround plans to Wall Street last year, Lundgren wrote to congratulate him.
“Thank you, Terry. Your note means a ton to me,” Johnson replied in an email written January 27, 2012, according to the New York Post.
“I consider you a friend.”
“At the same time, however, Johnson was trading snarky e-mails with colleagues about Macy’s—including one in which the former Apple exec said Macy’s management ‘look asleep at the wheel,” the Post reported.
JCPenney was also plotting to start a line with Martha Stewart, one of Macy’s most important designers.
Johnson was plotting a harsh offensive against Macy’s at the time, according to emails revealed in court yesterday and reported by Women’s Wear Daily:
Photo: WWD Twitter
Executives began testifying yesterday in Manhattan’s New York State Court in the dispute over Martha Stewart’s planned line with JCPenney.
She’s had a housewares line with competitor Macy’s since 2007, and executives say her agreement with them was exclusive.
Johnson isn’t the only friend-turned-foe for Lundgren.
He also said that he considered Stewart to be a friend before she went behind his back and made a deal with JCPenney.
Johnson will testify Friday, while Stewart is scheduled to appear sometime next week.
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