Ex-CEO Ron Johnson Says J.C. Penney Should Have Stuck With His Plan

Even though his strategy a few years ago to reinvent J.C. Penney sent the department store chain’s annual sales down $6 billion and caused a major cash crisis, former CEO Ron Johnson maintained on Monday that the retailer would have been better off sticking to his plan. Johnson, previously a star retailer at Apple and Target, was hired by Penney in 2011 to great fanfare, given a mandate by investors like hedge fund titan Bill Ackman to radically overhaul the department store chain.