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New JC Penney CEO Will Ease Into CEO Job

J.C. Penney says its newly-designated CEO from Apple won't assume the job's full duties until February, even though he takes the title in November.

J.C. Penney
AP
J.C. Penney

The company announced last week that 52-year-old Ron Johnson will succeed Myron Ullman III, its CEO and chairman since December 2004, on November 1st.

But the retailer said Monday that Johnson will only take over merchandising and marketing responsibilities on that date.

He will take over the rest of his CEO responsibilities on February 1st after a three-month transition. During that period Ullman will serve as executive chairman.

The CEO change announcement last week sent shares up 14 percent during the week. It shares were steady Monday at $34.29 in pre-market trading.

J.C. Penney operates 1,100 department stores and is based in Plano, Texas.