Reginal Thomas
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J.C. Penney Shares Jump After Reporting They Are Looking For A New CEO

J.C. Penny (NYSE: JCP) shares went up 7% today after an announcement that the company was looking for a new CEO to place Mike Ullman. Ullman replaced former Apple exec Ron Johnson who was forced out of the company 17 months into his tenure after a failed revamping of the company that didn't result in any boost in shares. 

Hedge fund manager; Bill Ackman who runs Pershing Square, has a stake in the company and wants the decision to be made soon on who the new CEO will be. But the news alone has seemingly brought more confidence in investors, maybe they feel the company has plenty of steam left in it if the RIGHT person is at the helm running things. 

It will be interesting to see who the next CEO will be and also to see if a turnaround really does come from all this. Otherwise it could spell trouble for the retailer.