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JCPenney Fires Interim CEO, Ahh!

Bill Ackman just gave a pink slip to Mike Ullman, the interim CEO of JC Penney! Wow, that was fast. According to CNBC, Ackman was not happy about the performance or future of the company. It was just in April that they fired another CEO, Ron Johnson. Now Ackman wants Allen Questrom, the former CEO of the company to run the department store. Ackman cited Allen’s extensive experience in the department store as a reason for the hire.

Let me get this straight, you let go two CEOs within a year to bring back a former CEO, what?! JC Penney is only progressing backwards. But the stock is up a shocking 5% today on the news. I do not know what the market is seeing.

(Image source: Photograph by Jonathan Kirn/Bloomberg News)