By  on April 8, 2013

Ron Johnson's troubled tenure as chief executive officer of J.C. Penney Co. Inc. is over and his predecessor Mike E. "Myron" Ullman 3rd is returning to the chain as ceo.

Johnson joined Penney's in November 2011 after a successful run as head of Apple Inc.'s groundbreaking retail business. Hailed at first as savior of the chain, Johnson steered a controversial course at Penney's, eliminating coupons last year and alienating customers, driving sales down 24.8 percent. The retailer lost $985 million last year as Johnson tried to reinvent the chain as a collection of specialty concepts.

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