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JC PENNEY CEO

A customer leaves a J.C. Penney store, Tuesday, April 9, 2013 in New York. J.C. Penney is hoping its former CEO can revive the retailer after a risky turnaround strategy backfired and led to massive losses and steep sales declines. The company's board of directors ousted CEO Ron Johnson after only 17 months on the job. The department store chain said that it has rehired Johnson's predecessor, Mike Ullman.