JC Penney replaces ex-Apple executive as CEO

J.C. Penney Monday replaced controversial chief executive Ron Johnson Monday after the ex-Apple executive's efforts to radically remake the mid-market retail chain fell flat.

The retailer announced that Myron Ullman, who led J.C. Penney for seven years prior to Johnson's November 2011 appointment, will retake the reins.

Johnson, whose appointment was greeted by the market, scrapped J.C. Penney mainstays such as sales and coupons to pitch the 1,100- store chain as "Everyday Low Pricing".

While he succeeded in introducing some new youth-oriented brands to the 111-year-old retailer, customers deserted the company.

Meanwhile, the company struggled in the wake of the boom of online shopping.

J.C. Penney lost nearly $1 billion in 2012 on $13 billion in sales, and shed more than half its market value in the last year as Johnson faced skepticism on Wall Street.

Ullman, who also previously led the R.H. Macy retail chain, alluded to the challenges ahead in a company statement.

Although J.C. Penney has faced a "difficult period," he vowed to work with customers, vendors and shareholders.

"With that knowledge, I will work with the leadership team and the board to develop and clearly articulate a game plan to establish a foundation for future success," Ullman said.