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  • JCPenney ousts CEO Ron Johnson from Texas-based companyadd to reading list  

    Posted on April 9, 2013 at 8:34 AM

    J.C. Penney's board of directors has ousted CEO Ron Johnson after only 16 months on the job as a risky turnaround strategy backfired and led to massive losses and steep sales drops. Johnson is being replaced by his predecessor.

    By A. D'INNOCENZIO AND C. CHOI / Associated Press