J.C. Penney gets $1-billion boost after picking Apple exec as CEO

J.C. Penney Co. shares are rocketing Tuesday after the retailer said it lured Apple Inc.’s Ron Johnson to take over as chief executive of the 1,100-store chain.

The stock was up $5.66, or 19%, to $35.77 at about 11 a.m. PDT, boosting Penney’s market value by $1.2 billion, to $7.6 billion.

Johnson, 52, has led Apple’s highly successful retail-store strategy for the last 11 years. Before that he was a merchandising executive at Target Corp. for 15 years.

“I’ve always dreamed of leading a major retail company as CEO, and I am thrilled to have the opportunity to help J.C. Penney reimagine what I believe to be the single greatest opportunity in American retailing today, the department store,” Johnson said in a statement.

Read Full Article from Los Angeles Times

- Posted: 2011-06-14 13:27:40

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