In 2011, amid much fanfare, JCPenney appointed Ron Johnson as its new CEO. Hailing from Apple and Target, where he held powerful positions, Johnson was glorified for great innovations at both. He rode into JCPenney waving the flag of change. However, after a disastrous 17 months that included a $6 billion drop in sales and 40,000 layoffs, JCPenney replaced Johnson with his predecessor before hiring the quieter, humbler Marvin Ellison.
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