NEW YORK — Last December, it looked bleak for Ken Mangone and the private brand business at J.C. Penney Co. Inc. he was instrumental in bolstering.
Revenues were shrinking and Mangone, the executive vice president of product development, design and sourcing, left Penney’s under cloudy circumstances over the future of such homegrown power labels as Worthington and St. John’s Bay. They were being downsized and dissolved into other labels by order of then-chief executive officer Ron Johnson.
Four months later, the board fired Johnson, amid the company’s disintegrating finances; Myron “Mike” Ullman 3rd returned for his second stint as Penney’s ceo, and Mangone was asked to come back as well. Like Ullman, he agreed without hesitation.
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