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(CNBC)   Ron Johnson resigns as JC Penney's CEO, will be replaced by former CEO Mike Ullman, who will do the job for "just $1 million"   (cnbc.com) divider line 50
    More: Fail, William Ackman, J.C. Penney  
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1246 clicks; posted to Business » on 08 Apr 2013 at 9:49 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-08 08:15:42 PM  
They set the CEO on fire at Penny's!
 
2013-04-08 08:42:57 PM  
Sooner or later. the new market efficiency will be refusing to grant your CEO outlandish pay packages.  I suspect there are plenty of competent people willing to work for "just $1M".
 
2013-04-08 08:50:28 PM  
I thought JCP stopped doing discounts and sales. WHAR FAIR AND SQUARE PRICES WHA!
 
2013-04-08 09:07:19 PM  
i49.tinypic.com
"I've had enough. I'm leaving."
 
2013-04-08 10:00:14 PM  
I keep transposing sounds in my mind, but...

media.salon.com

JCP's HQ is down the street from me and I'd be perfectly willing to undo the changes and crank up the "gotta buy before the sale is over" nature of their old advertising model.

I've had to delete a few lines because I think I can con JCP with an idea I just freeformed in this post.
 
2013-04-08 10:26:39 PM  
1) Raise prices 40%
2) Send out 30% off coupons
3) Profit!
 
2013-04-08 10:32:04 PM  

chimp_ninja: Sooner or later. the new market efficiency will be refusing to grant your CEO outlandish pay packages.  I suspect there are plenty of competent people willing to work for "just $1M".


I can't decide if that will ever happen or not. I'm really torn between what I have seen in regards to shiat CEOs being paid way too much vs what I've learned about the nuts and bolts of managing a large company (book learning so far, with a good bit of mangement consulting experience).  Take a large company, if a great CEO can increase profits by just a few percent, then paying him a few extra million is pocket change.

Maybe low base salaries but higher pay for performance stuff that targets more metrics than stock price or 1 year sales is the way to go.
 
2013-04-08 10:43:58 PM  

nocturnal001: Take a large company, if a great CEO can increase profits by just a few percent, then paying him a few extra million is pocket change.


Why not pay the people in the trenches who apparently "got more done" some of that increased profit?
 
2013-04-08 10:48:03 PM  

chimp_ninja: Sooner or later. the new market efficiency will be refusing to grant your CEO outlandish pay packages.  I suspect there are plenty of competent people willing to work for "just $1M".


Ah no.  The simple fact is that competent CEO's are incredibly hard to come by and the good to excellent one's are constantly recruited to take over larger and larger organizations.
 
2013-04-08 10:50:57 PM  
Huh.  I actually went into JCP and bought something the other day, which was Dockers on clearance (get off my lawn,) but I also bought some socks and underwear because hey I'm there and I don't have time to shop all day.  I thought the new store look was refreshing, easy to find stuff, and would shop there again.  If they undo this, then oh well.
 
2013-04-08 10:56:00 PM  

nobodyUwannaknow: nocturnal001: Take a large company, if a great CEO can increase profits by just a few percent, then paying him a few extra million is pocket change.

Why not pay the people in the trenches who apparently "got more done" some of that increased profit?


This.  If the CEO had a great idea, pay him.  If it took ten thousand people all working hard to turn it into reality, pay them.

The JCP CEO situation suggests that even some (former) Apple executives don't really understand how/why the company became so phenomenally profitable.
 
2013-04-08 11:11:50 PM  
#RoJoNoMo

I find this particularly amusing, since I lost my job at JCP because of this farkwit.

Good riddance to bad rubbish.
 
2013-04-08 11:52:44 PM  
Who will document this colossal cluster fark?

And who's holding the board members accountable?????
 
2013-04-08 11:59:59 PM  

nobodyUwannaknow: nocturnal001: Take a large company, if a great CEO can increase profits by just a few percent, then paying him a few extra million is pocket change.

Why not pay the people in the trenches who apparently "got more done" some of that increased profit?


look at che guevara over here. shut up you socialist.
 
2013-04-09 12:28:55 AM  
I'll be happy to run JCP even further into the ground for only half that.
 
2013-04-09 01:22:28 AM  
I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.
 
2013-04-09 01:26:05 AM  

HempHead: 1) Raise prices 40%
2) Send out 30% off coupons
3) Profit!


This is exactly what is happening. On the week that I was being fired, I was training someone to do my job at JCP, while they were hiring people in for one week to do mark ups on everything, in order to bring back sales and undo everything that Johnson screwed up.
 
2013-04-09 01:42:11 AM  

Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.


My BS detector is pinging.
 
2013-04-09 01:53:05 AM  
I heard on the radio today that Johnson already sold his stock for millions so I'm sure he learned his lesson. They also said he was "managing" JCP from California while the HQ is in Texas. Smart move.
 
2013-04-09 01:54:13 AM  

Mistymtnhop: HempHead: 1) Raise prices 40%
2) Send out 30% off coupons
3) Profit!

This is exactly what is happening. On the week that I was being fired, I was training someone to do my job at JCP, while they were hiring people in for one week to do mark ups on everything, in order to bring back sales and undo everything that Johnson screwed up.


This is what people want to see. They want to get it on SALE. It makes them feel good. It gives them what's called a "shopper's high". It's the same thing that fuels gambling addicts and stockmarket daytraders, and people who play Everquest for 10 hours a day, it's the instinct for 'if I do this and this I get more golds! Hooray!' Humans have a natural tendency to collect things together in this way.

Yes, it defies all logic and reason, but that's the way the brain is wired. People won't buy a toaster for $20.00, but they'll buy the same toaster right next to it 'marked down' to $35.00 from 60.00, cheerfully throwing the extra $15.00 to the four winds, because it was a 'bargain'.
 
2013-04-09 02:05:07 AM  

Triumph: Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.

My BS detector is pinging.


Nope, its absolutely all true. I started with JCP in 1994 as a sales associate. I am part of the wave of restructuring of the company that involved the elimination of the office specialist positions that started last month. I wish it was all BS though.
 
2013-04-09 02:14:03 AM  

poughdrew: Huh.  I actually went into JCP and bought something the other day, which was Dockers on clearance (get off my lawn,) but I also bought some socks and underwear because hey I'm there and I don't have time to shop all day.  I thought the new store look was refreshing, easy to find stuff, and would shop there again.  If they undo this, then oh well.


I was there the other day to return some kid clothes and pick out some new ones.  The fact that the store was nearly completely empty at 6:30pm made shopping a breeze, though I can't see that succeeding as a new business model.
 
2013-04-09 02:33:47 AM  

Mistymtnhop: Nope, its absolutely all true. I started with JCP in 1994 as a sales associate. I am part of the wave of restructuring of the company that involved the elimination of the office specialist positions that started last month. I wish it was all BS though.


That sux. Hope you move on to greener pastures. Good luck.
 
2013-04-09 02:46:58 AM  

Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.


(if true), damn, sorry.
 
2013-04-09 03:36:23 AM  

gingerjet: chimp_ninja: Sooner or later. the new market efficiency will be refusing to grant your CEO outlandish pay packages.  I suspect there are plenty of competent people willing to work for "just $1M".

Ah no.  The simple fact is that competent CEO's are incredibly hard to come by and the good to excellent one's are constantly recruited to take over larger and larger organizations.


Or it is significantly luck-based with unknown factors out of ceo control, with an increasingly small number of people flipping heads for the nth time in a row. Some of the qualified CEOs just get a company like JCP at the wrong time, or work for Apple at the right time.


See also: folks who make major banking decisions. If they were mostly the geniuses they want us to believe AND cared about their businesses, why do they crash markets and need a TARP?

If they are not both those things why pay them the millions?
 
2013-04-09 04:09:20 AM  
You know, rather than hiring from the pool of "CEOs", companies could bring back the practice of promoting from within and probably save a lot of money as well as encourage people to stay in their jobs. Oh, and have CEOs who have strong knowledge of the company's operations before hire to boot.

I know, I know, I shouldn't give in to such vain fantasy.
 
2013-04-09 05:07:14 AM  

Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.


Store associate or head office/Plano employee? FWIW, you and I have talked before because I have you favorited as "JCP Coworker" - I just can't remember if you were the one up on the third floor or someone else...
 
2013-04-09 05:13:44 AM  
I didn't know funeral directors were doing so well.
 
2013-04-09 07:06:06 AM  

nobodyUwannaknow: nocturnal001: Take a large company, if a great CEO can increase profits by just a few percent, then paying him a few extra million is pocket change.

Why not pay the people in the trenches who apparently "got more done" some of that increased profit?


Because that would be communism, or something.
 
2013-04-09 07:32:17 AM  

Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.


I believe you were fired.  My GF's position was elimated last year along with a bunch of other people at her store in Florence Kentucky.  And other jcp stores were elimating positions at that time.  Those people too had many, many years of experience and knowledge.  Getting rid of this schmuck was way overdue.  Unfortunately that won't bring back the talent that was eliminated.
 
2013-04-09 07:37:22 AM  

adamatari: You know, rather than hiring from the pool of "CEOs", companies could bring back the practice of promoting from within and probably save a lot of money as well as encourage people to stay in their jobs. Oh, and have CEOs who have strong knowledge of the company's operations before hire to boot.

I know, I know, I shouldn't give in to such vain fantasy.


This reminds me of the time that Apple hired the CEO of Coca-Cola to run the company.  Into the ground!
 
2013-04-09 07:49:52 AM  

Marcus Aurelius: This reminds me of the time that Apple hired the CEO of Coca-Cola to run the company.


Really? Sculley was from Pepsi, and was never CEO of it.
 
2013-04-09 08:14:22 AM  
went to Penny's, they had the wireless gizmo thingamabob to ring up the sale it wouldn't work, sales lady grabbed another one it wouldn't work... all this while 3 cash registers sat there I asked the lady can't you use those... oh no we have to use the wireless.... 15 mins later she used the cash register.
 
2013-04-09 08:22:41 AM  
Hopefully he can get his job as an Audio Consultant at the Ridgemont Mall back.
 
2013-04-09 08:50:13 AM  

CheatCommando: Marcus Aurelius: This reminds me of the time that Apple hired the CEO of Coca-Cola to run the company.

Really? Sculley was from Pepsi, and was never CEO of it.


Sculley was married to the daughter of the CEO of Pepsi.

It a great way to get ahead at a company, I highly recommend it to young Farkers just starting out in your careers.
 
2013-04-09 08:50:16 AM  

mikey15: went to Penny's, they had the wireless gizmo thingamabob to ring up the sale it wouldn't work, sales lady grabbed another one it wouldn't work... all this while 3 cash registers sat there I asked the lady can't you use those... oh no we have to use the wireless.... 15 mins later she used the cash register.


Well, at least that's ONE thing that didn't change under RoJo's reign. Those freakin' things NEVER worked.
 
2013-04-09 09:14:45 AM  
If Ron Johnson is leaving JC Penny's, does this mean we can expect a Miami Vice remake in the near future?
 
2013-04-09 09:31:44 AM  
I am bummed. JCP had some nice oxford cotton button down shirts that were always $20-25 and you never had to hunt for coupons. With their change to the old price scheme they bumped their price up to $40. At $40 there are better options and I'm not waiting around for them to do a 50% off sale.
 
2013-04-09 09:34:20 AM  

Mistymtnhop: Triumph: Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.

My BS detector is pinging.

Nope, its absolutely all true. I started with JCP in 1994 as a sales associate. I am part of the wave of restructuring of the company that involved the elimination of the office specialist positions that started last month. I wish it was all BS though.


JCP was a low end store where clothes go before Ron Johnson started working there. The problem is he alienated the crazy old coupon ladies before people realized that the new lines were actually pretty good.
 
2013-04-09 09:35:39 AM  

mcreadyblue: It a great way to get ahead at a company,


Hey, being the son of a mediocre President worked for the dumbass from Texas. It's the American way! Where we constantly reward the hard work you put in to getting Mommy to fark Daddy by giving you preferential treatment in employment, education, and even taxation!
 
2013-04-09 10:08:56 AM  

CumQuat: Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.

I believe you were fired.  My GF's position was elimated last year along with a bunch of other people at her store in Florence Kentucky.  And other jcp stores were elimating positions at that time.  Those people too had many, many years of experience and knowledge.  Getting rid of this schmuck was way overdue.  Unfortunately that won't bring back the talent that was eliminated.


Yep, that first round of ''restructuring" last year was just the beginning. They fired all of the Department managers and had one manager for all departments with supervisors. They also eliminated the pricing teams. The elimination of my department on Friday just didn't make sense because we were responsible for handling all of the money that came in and went out of the store. Not to mention making sure our associates were paid correctly according to state law. The elimination of office specialists was Ron Johnson basically trying to do one last thing to save his ass.
 
2013-04-09 10:11:24 AM  

aspAddict: Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.

Store associate or head office/Plano employee? FWIW, you and I have talked before because I have you favorited as "JCP Coworker" - I just can't remember if you were the one up on the third floor or someone else...


Store associate! Southern California! That's funny though. We did talk on a Ellen thread, I think it was! Aren't you with Hotline in Plano?
 
2013-04-09 10:37:45 AM  
Good: They fire the guy that further ruined the company.
Bad: They rehired the guy that ruined the company bad enough for them to hire the guy that further ruined the company in the first place.
 
2013-04-09 12:46:38 PM  
Rename store to "Jacque Penne' " and raise prices to high end.
 
2013-04-09 01:41:31 PM  

Mistymtnhop: Aren't you with Hotline in Plano?


I used to be - then I took a Rojo to the knee, now I sit at home and Fark all day.
 
2013-04-09 04:37:03 PM  

Carth: Mistymtnhop: Triumph: Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.

My BS detector is pinging.

Nope, its absolutely all true. I started with JCP in 1994 as a sales associate. I am part of the wave of restructuring of the company that involved the elimination of the office specialist positions that started last month. I wish it was all BS though.

JCP was a low end store where clothes go before Ron Johnson started working there. The problem is he alienated the crazy old coupon ladies before people realized that the new lines were actually pretty good.


This.

And nobody had the patience to see it through (especially the BoD and shareholders).  It's too bad, because JCP is going to return to a slow spin down the drain now. And people will laud it as a success.
 
2013-04-09 09:19:11 PM  

robbiex0r: And nobody had the patience to see it through (especially the BoD and shareholders).  It's too bad, because JCP is going to return to a slow spin down the drain now. And people will laud it as a success.


Sadly, this is how Ronnie will spin it to his next employer. "I didn't get a chance to complete my vision, it's not my fault! I worked for Apple, man...APPLE!"

Seventeen months of hemorrhaging cash (largely into failed infrastructure projects) and firing seasoned talent while outsourcing their core support functions to India and Hotmail, while pissing off your customer base and confusing everyone else is not a business model for success as far as I know.

Too many competent people lost their livelihood due to his ineptitude. Firing RoJo was way overdue.
 
2013-04-10 08:09:01 AM  

Mistymtnhop: Triumph: Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.

My BS detector is pinging.

Nope, its absolutely all true. I started with JCP in 1994 as a sales associate. I am part of the wave of restructuring of the company that involved the elimination of the office specialist positions that started last month. I wish it was all BS though.


Same here. I lost my job as a merchandise receiver because the company thought that the supervisor could do it. That way you only have to pay one person to be there at five AM. As it was, no one knew how to do the job. Brain drain.
 
2013-04-10 01:32:40 PM  

aspAddict: robbiex0r: And nobody had the patience to see it through (especially the BoD and shareholders).  It's too bad, because JCP is going to return to a slow spin down the drain now. And people will laud it as a success.

Sadly, this is how Ronnie will spin it to his next employer. "I didn't get a chance to complete my vision, it's not my fault! I worked for Apple, man...APPLE!"

Seventeen months of hemorrhaging cash (largely into failed infrastructure projects) and firing seasoned talent while outsourcing their core support functions to India and Hotmail, while pissing off your customer base and confusing everyone else is not a business model for success as far as I know.

Too many competent people lost their livelihood due to his ineptitude. Firing RoJo was way overdue.


Maybe... but bringing back the original guy?
 
2013-04-10 05:00:37 PM  

robbiex0r: Maybe... but bringing back the original guy?


From what I understand, it's an interim measure so they are probably still looking for someone better qualified.

Sure, it's like cutting off an infected toe and using a dirty wash cloth to stem the bleeding until you can get to a doctor, but at least the infected toe is gone.
 
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