J.C. Penney details succession: Ullman to leave in February

New York City -- J.C. Penney Co. on Monday detailed the timeline of its upcoming change in executive management with the news that current CEO and chairman Myron “Mike” Ullman will leave the company and the board in February 2012 after a three-month transition period during which he will hand over the reins in full to his successor, Apple retail guru Ron Johnson.

Johnson, who has never been a CEO, will join J.C. Penney's board Aug. 1. He will start as chief executive on Nov. 1, when he assumes responsibility for marketing and merchandising functions 1. He will take over the remaining responsibilities after a three-month transition ending on February 1, 2012.

Ullman said in a release that he looked forward to helping with the transition and then stepping aside, "as has been my practice in previous CEO positions."

“Leadership succession planning was a key priority of mine and of our board of directors, and I am delighted we have accomplished it in such a positive way for J. C. Penney,” Ullman stated. “We are confident that the company will reach its next stage of growth and success under Ron's leadership."