Apple Retail Executive Ron Johnson Leaving for J.C. Penney

Elizabeth Holmes and Joann Lublin, reporting for the WSJ:

J.C. Penney Co. is tapping Ron Johnson, head of Apple Inc.’s iconic retail stores, as its new president and eventual chief executive, people familiar with the situation said.

The company is expected to announce Mr. Johnson’s appointment later today. Mr. Johnson will become CEO in the next few months, succeeding long-time leader Myron “Mike” Ullman. He joined Apple from Target Corp., where he was vice president of merchandising for stores.

Johnson has been at Apple since the outset of its retail stores.

Update: Look at the jump in Penney’s stock price this morning on this news.

★ Tuesday, 14 June 2011