Check out which companies are making headlines after the bell Monday:
JCPenney - Ron Johnson is out as JCPenney's CEO, a source familiar with the situation told CNBC. Mike Ullman will rejoin the company as CEO. Shares initially jumped following the announcement in extended-hours trading, but quickly turned lower.
Ron Johnson took over as the retailer's CEO in November, 2011. Since then, shares of the company are down more than 50 percent and market cap has tumbled from $6.84 billion to $3.49 billion.
Alcoa - The aluminum producer posted earnings of 11 cents a share, excluding one-time items, topping estimates by 3 cents a share. Meanwhile, the company reported revenue of $5.83 billion, falling slightly short of the expected $5.88 billion. In addition, the company said it expects a 7 percent global aluminum demand in 2013. Shares edged higher in extended-hours trading.
(Read More: Stocks Reverse Losses to End Higher; Alcoa Gains)
Monster Beverage - The energy drink maker's board approved a $200 million share repurchase program, sending shares higher in extended-hours trading.