Apple's Senior Vice President of Retail Ron Johnson who has long been associated with the company's rapturous retail success is leaving the company to become president and eventually CEO of J.C. Penney.
In an official statement J.C. Penney announced that Johnson will become CEO of the company on November 1st and will personally be making a $50 million investment:
Mr. Johnson said, "I've always dreamed of leading a major retail company as CEO, and I am thrilled to have the opportunity to help J. C. Penney re-imagine what I believe to be the single greatest opportunity in American retailing today, the Department Store. I have tremendous confidence in J. C. Penney's future and look forward to working with Mike Ullman, the Executive Board and the Company's 150,000 associates to transform the way America shops."
In a statement to All Things Digital Apple said that it is "actively recruiting" for Johnson's replacement:
"Ron is excited about this opportunity and we hope it goes well for him," a spokesperson said. "We've got a great retail team in place and are actively recruiting for his replacement."