Former JCPenney CEO Mike Ulman Is Returning As Interim CEO

Apr 8, 2013 | Posted by: roboblogger | Full story: Silicon Alley Insider

This comes just a few days after fund manager Bill Ackman, who recruited Johnson for the top job and has been an ardent defender, finally came out and criticized him .

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Malinda Hvojnik

Alachua, FL

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#1
Apr 8, 2013
 

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Thank god they have finally .... Done the right thing I would like to dance In the street
jcp employee

Pinellas Park, FL

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#2
Apr 9, 2013
 

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I hope Mike Ulman will get out there and talk with the frontline employees and listen to what the customers want. I hope he can fix the morale of the frontline employees that do not know what to expect anymore. It is going to be interesting today at the store. Maybe the smiles will return to the frontline.
here today gone tomorrow

Hayfield, MN

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#3
Apr 9, 2013
 

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Mike Ullman is a great choice. His appointment will boost morale immediately. I liked everything he did at Penneys, expect for the coupons with NO exceptions. That really cut into margins, and led to a lot of abuse. I've read that his position this time around maybe to ready the company for sale. That would be a shame, imo. I hope there's enough time and money to keep JCP independent and thriving.
laura baltimore

Rosedale, MD

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#4
Apr 9, 2013
 

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when i heard the news i shouted praise the lord he answered my prayers what a great day at jcpenny everyone is so happy he is out of here for good get things back to where they belong get the old associates back if we can do so bring back fitting room people and sales support we really need these people back now we cant do it without them they make our lives alot easier sxpecally now with sales coming back i guess please do so now dont wait untill its too late
Bob Sandlin

Lexington, KY

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#5
Apr 9, 2013
 

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Mike Ullman knows retail as well or better than anyone, he has a strong history with several companies, he is an asset in that he knows exactly what he is walking into, he understands the JCPenney customer base, and I suspect morale at the stores along from the associates will help generate sales. I think we are going to see sales and profit begin to turnaround as well as customers return, and Mike Ullman is here in time get the company ready for the holidays. Glad the board finally did this.
laura baltimore

Rosedale, MD

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#6
Apr 9, 2013
 
finally we associates can sleep at night knowing possibley we still have a job now this maddness is finally over get things back where they belong he has a real task ahead of him repairing all the damanges rotten apple johnson created this should of neaver happened in the first place these shops are a waste of time and money we didnt have to spend throw those dam libbys in the ocean see them float away like rotten apple johnson he should be ashamed of himself of what he did bring back fitting room people and sales support we need them back now
Former customer

Nicholasville, KY

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#7
Apr 9, 2013
 
The damage has been done. I don't expect Jcp can recover from such a horrid year of transformation. Good luck JCP. So many customers have found other retail stores to shop. (Macy's, Khols, Belk, etc)

Since: Mar 13

Pittsburgh, PA

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#8
Apr 9, 2013
 

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Recovery is possible, if Ullman does a were sorry commercial......

Ullman in front of a penneys sign. were sorry large mistakes were made but were bringing back the old penneys, with the things customers want, sales, coupons, the original JC Penney name and values. fire ellen, no more pushing agendas, gay or otherwise, bring back the catalog, staff the store to provide customer service with the old favorite brands.

if liquidation is the plan from ackman get it over with quickly and end the misery fast...

remove all the JCP signs everywhere they represent FAILURE
The RonJohnson experience

Newport News, VA

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#9
Apr 9, 2013
 
I am going to miss Penny's they waited too long, Ronnie the Steve Jobs wannabe should have been kicked out last fall, or never hired. Good luck Apple if you take him back, he is a one trick pony and zero ideas unless it involves the word "bar". Wonder if Apple stocks will take a header if Ronnie goes back to his rat hole at Apple. I am sure the rank and file at Apple are sweating old blood and guts, you are fired, Ronnie's second coming return. A truely loathsome human being, Ronnie the weakest link, he will come into your company and "Ron Johnsoned" it all for 52 million and blow thru a good billion. If I were Apple I would offer Ronnie his old job just like the sweatshop employment he created at JCP, minimum wage, 20 hours of less a week, no commission.. That is about 20 hours times minimum wage more than he is worth minus 99 cents.

I wish new management good luck, but given that remodeling job that cost major floor space not used for merchandize, the crappy narrow, few products offered in each of these mini stores, the dealers he most likely signed with to get those products lines no one wants, I can not see how they can pull out of this nose drive. Gee, he purchased something like 40,000 more mannequins over what was in the stores, he ripped out expensive cash registers, basically blew money and has created a situation that the fallback position may be too expensive too pull off. There is a phase call "behind the power curve". This happens in a small plane engine at full throttle low to the ground and suddenly there is a tree covered hill in front of you. You are at full throttle, you can not use the engine to gain height, if your flaps are not set, you can use them to increase your altitude via of increasing lift. This works and the plane will rise however it will cause a steep rise in drag, the plane will start to sink again, it will hold at a lower altitude. You are at full flaps, engine wide open, the only think you can do is remove flaps which will decrease drag, but decrease lift, aka you will sink fast, if you don't have a clear field below you, you are going to have a really bad day. This may be the JCP situation.

There is no one left to fire, you can't go below minimum wage, staff is already a 20 hours per week, read this as no benfits, there is no other way to save money, you need some people, the only way here to generate money is to sell of stores. Ronnie's mother must be proud.
Jvette

Henderson, NV

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#10
Apr 9, 2013
 
The RonJohnson experience wrote:
I am going to miss Penny's they waited too long, Ronnie the Steve Jobs wannabe should have been kicked out last fall, or never hired. Good luck Apple if you take him back, he is a one trick pony and zero ideas unless it involves the word "bar". Wonder if Apple stocks will take a header if Ronnie goes back to his rat hole at Apple. I am sure the rank and file at Apple are sweating old blood and guts, you are fired, Ronnie's second coming return. A truely loathsome human being, Ronnie the weakest link, he will come into your company and "Ron Johnsoned" it all for 52 million and blow thru a good billion. If I were Apple I would offer Ronnie his old job just like the sweatshop employment he created at JCP, minimum wage, 20 hours of less a week, no commission.. That is about 20 hours times minimum wage more than he is worth minus 99 cents.
I wish new management good luck, but given that remodeling job that cost major floor space not used for merchandize, the crappy narrow, few products offered in each of these mini stores, the dealers he most likely signed with to get those products lines no one wants, I can not see how they can pull out of this nose drive. Gee, he purchased something like 40,000 more mannequins over what was in the stores, he ripped out expensive cash registers, basically blew money and has created a situation that the fallback position may be too expensive too pull off. There is a phase call "behind the power curve". This happens in a small plane engine at full throttle low to the ground and suddenly there is a tree covered hill in front of you. You are at full throttle, you can not use the engine to gain height, if your flaps are not set, you can use them to increase your altitude via of increasing lift. This works and the plane will rise however it will cause a steep rise in drag, the plane will start to sink again, it will hold at a lower altitude. You are at full flaps, engine wide open, the only think you can do is remove flaps which will decrease drag, but decrease lift, aka you will sink fast, if you don't have a clear field below you, you are going to have a really bad day. This may be the JCP situation.
There is no one left to fire, you can't go below minimum wage, staff is already a 20 hours per week, read this as no benfits, there is no other way to save money, you need some people, the only way here to generate money is to sell of stores. Ronnie's mother must be proud.
I really don't know where we go from here. Obviously they have to complete the renovations which are started. I think we will lose the Martha Stewart case now that it is back in court.
We are so understaffed it is ridiculous.
Cash on hand will be used up quickly but will there be enough in sales to give them the time to figure it all out?
There is so much Ron did that was destructive, the pricing fiasco is just one aspect.
These days coming will be stressful I think.

Since: Mar 13

Tobyhanna, PA

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#11
Apr 9, 2013
 

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My my, how soon we forget. Mike wasn't good for us either.

Since: Mar 13

Pittsburgh, PA

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#12
Apr 9, 2013
 
in 2010 penneys had record profits, hurt only in 2011 by the higher cost of cotton.

then ron came along and ran penneys into the iceberg.....

ullman told ron it wouldnt work when ron took over and he didnt even test his crackpot ideas........
Anony mouse

Lynn, MA

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#13
Apr 10, 2013
 
bob haller wrote:
in 2010 penneys had record profits, hurt only in 2011 by the higher cost of cotton.
then ron came along and ran penneys into the iceberg.....
ullman told ron it wouldnt work when ron took over and he didnt even test his crackpot ideas........
http://www.gurufocus.com/news/214436/jc-penne...
Ok, Bob, you've said this like 6 times on this forum...BTW cotton prices affected ALL retailers that year--bad crop or something.
Once again: READ the above link!! All was NOT rosy before moRon, & we're certainly up the creek now! Don't know what Ullman is gonna do; moRon left a HUGE mess in all areas of the business! Ullman probably won't be certain what to do until he gets in there & looks at the ENTIRE situation. Certainly, there are things about this mess that haven't even been made public yet. AND YES,I agree it couldn't hurt to get Questrom in there as an advisor as well--2 former CEOs are better than 1! ALSO they need to oust the rest of those despicable corporate raiders from the board ASAP!! They are only in it to gut the company for personal gain!
Cotton fields

Newport News, VA

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#14
Apr 10, 2013
 
Anony mouse wrote:
<quoted text>
http://www.gurufocus.com/news/214436/jc-penne...
Ok, Bob, you've said this like 6 times on this forum...BTW cotton prices affected ALL retailers that year--bad crop or something.
Once again: READ the above link!! All was NOT rosy before moRon, & we're certainly up the creek now! Don't know what Ullman is gonna do; moRon left a HUGE mess in all areas of the business! Ullman probably won't be certain what to do until he gets in there & looks at the ENTIRE situation. Certainly, there are things about this mess that haven't even been made public yet. AND YES,I agree it couldn't hurt to get Questrom in there as an advisor as well--2 former CEOs are better than 1! ALSO they need to oust the rest of those despicable corporate raiders from the board ASAP!! They are only in it to gut the company for personal gain!
Check the transcript from that Macy's trial, Ronnie said under oath for what that is worth from someone like him, when directly asked by the Macy's lawyers the old store was doing fine when he came on board. His words "fine" he was tasked to bring in change, basically make those stock market numbers jump.

So from the horse's mouth, I guess, if you believe him. I think this was important to Macy's because Ronnie stated he needs the Stewart deal to be successful, he is depending on it.

Think about it, you say your store was doing fine, you hosed it up, burned thru millions and you want now to rob Macy's of profit to save it. Ron created the problem, Macy's pays the price to save someone in direct competition with it?

JCP will lose this trial. Is is really a black and white issue and the judge knows it. Laws governing retail is very clear.

The above was just Macy's lawyers backing Ronnie and JCP into a corner, like Ronnie bragged doing to the CEO of Macy's. Yeah, he said that too under during the trial. Macy's CEO will screw up because that is what people do when they get pushed into a corner, this will be good for JCP. Guess what, he didn't do a knee jerk reaction, oops, Ronnie, wrong again.

I don't think old Ronnie lied on the stand. From what I can see he is afraid of going to jail if he does a "Martha Stewart", that he will be caught very easily in a non truth.

People who do business in the way JCP has been doing it leave lots of paper trails and they are a lot of people who most likely have been burned bad by this guy, or work for him reluctantly, or are not going down with him.

My guess is JCP is shot in both knees.
The Martha Stewart crap has be produced, in the supply queue, the will not be able to sell it, a huge lost. The stores are half done, he locked JCP into designer crap no one wants.

I walked thru JCP today to get to Barnes and Nobel, they are selling off the NOS stuff at a discount, for more mini shops, the people shopping were middle America women, some with kids in tow, all looking at the NOS, no one was near those mini stores that where done. Once that NOS is gone JCP is going to tank.

It is so sad, a true American ICON on the mat just counting down until it is over. It has been "Ron Johsoned".
Jvette

Henderson, NV

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#15
Apr 10, 2013
 
Cotton fields wrote:
<quoted text>
Check the transcript from that Macy's trial, Ronnie said under oath for what that is worth from someone like him, when directly asked by the Macy's lawyers the old store was doing fine when he came on board. His words "fine" he was tasked to bring in change, basically make those stock market numbers jump.
So from the horse's mouth, I guess, if you believe him. I think this was important to Macy's because Ronnie stated he needs the Stewart deal to be successful, he is depending on it.
Think about it, you say your store was doing fine, you hosed it up, burned thru millions and you want now to rob Macy's of profit to save it. Ron created the problem, Macy's pays the price to save someone in direct competition with it?
JCP will lose this trial. Is is really a black and white issue and the judge knows it. Laws governing retail is very clear.
The above was just Macy's lawyers backing Ronnie and JCP into a corner, like Ronnie bragged doing to the CEO of Macy's. Yeah, he said that too under during the trial. Macy's CEO will screw up because that is what people do when they get pushed into a corner, this will be good for JCP. Guess what, he didn't do a knee jerk reaction, oops, Ronnie, wrong again.
I don't think old Ronnie lied on the stand. From what I can see he is afraid of going to jail if he does a "Martha Stewart", that he will be caught very easily in a non truth.
People who do business in the way JCP has been doing it leave lots of paper trails and they are a lot of people who most likely have been burned bad by this guy, or work for him reluctantly, or are not going down with him.
My guess is JCP is shot in both knees.
The Martha Stewart crap has be produced, in the supply queue, the will not be able to sell it, a huge lost. The stores are half done, he locked JCP into designer crap no one wants.
I walked thru JCP today to get to Barnes and Nobel, they are selling off the NOS stuff at a discount, for more mini shops, the people shopping were middle America women, some with kids in tow, all looking at the NOS, no one was near those mini stores that where done. Once that NOS is gone JCP is going to tank.
It is so sad, a true American ICON on the mat just counting down until it is over. It has been "Ron Johsoned".
I think when the Macy's/Penneys dispute went back to court, the jig was up for Ron. Macy's will not back down nor give an inch and they will win their case.

That leaves Penneys with Martha Stewart merchandise it most likely will never be able to sell. From what I understand, the stores already have her products in storage units waiting for the home store remodel to be completed.

That I believe is the straw that broke the camel's back. The home store salvation of Penneys isn't going to happen. We have always carried clothes that people don't want until they go into full, get rid of it clearance, think IZOD and American Living and Joseph Abboud, but this Martha stuff is just money blown into the wind.

We shall see, but I agree with you, Penneys will lose against Macys.
Anony mouse

Lynn, MA

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#16
Apr 10, 2013
 
Yeah, guys...like I said...we're up the creek in ALL areas of the business. Martha Stewart was supposed to launch in our store this week--all the other shops in the remodel are filled & ready to go EXCEPT hers. I was off today, so I'll be curious to see if her stuff is out or not tomorrow.

I also feel we will lose the case, BUT even if by some miracle, a compromise is reached--what is to prevent that old bag from doing to Penney's what she did to Macy's?!
jcp employee

Hickory, NC

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#17
Apr 11, 2013
 

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I am an employee as well. I thought the shop ideas were great. However, with any new project you need to do a test run. Not run this test with every store.

I agree that Mr. Ulman should talk with the frontline people. Since none of us has recieved any raises we are more faithful through all this than the ones who bolted. We are the back bones that will keep the stores open.

I think a new overhaul with employees are needed. Not get rid of the people who really cared about JC Penneys. We need full time people not the fly by nights looking to make a quick buck. Right now JC Penneys needs loyal employees.
jcp employee wrote:
I hope Mike Ulman will get out there and talk with the frontline employees and listen to what the customers want. I hope he can fix the morale of the frontline employees that do not know what to expect anymore. It is going to be interesting today at the store. Maybe the smiles will return to the frontline.
Former employee

Lexington, KY

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#18
Apr 11, 2013
 

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You are not the backbone- more like the ones too afraid to get out and make a change. For your sake, I hope you will step outside the box and look at the bigger picture. JCP is a sinking ship.

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