The once king of the retail loses his head-- CNBC reports JC Penney chops "Genius Bar" creator Ron Johnson out after all of 17 months as CEO, following his failure to turn the ailing retailer's fortunes around.
When you play the game of thrones you either win or you die, the HBO TV series tells us. A maxim that equally applies to the cutthroat world of high stakes retail!
Reportedly Johnson's plans of making an Apple out of JCP (via no-sale strategy, more fashionable merchandise and shop-in-shop investment) failed big time. Hedge fund manager William Ackman, the man behind his recruitment, describes Johnson's decisions as no less than "big mistakes" and "very close to a disaster."
"One of the big mistakes was perhaps too much change too quickly without adequate testing on what the impact would be," Ackman continues. Then again, didn't Johnson promise "a period of true innovation" for the retailer?