J.C. Penney names Apple retail exec as new CEO

By ANNE D'INNOCENZIO | June 14, 2011 | 11:59 AM EDT

NEW YORK (AP) — J.C. Penney Co. says Ron Johnson, who pioneered Apple Inc.'s retail stores, will become the department store's next CEO.

The appointment takes effect Nov. 1.

Johnson, 52, will succeed Myron Ullman III, who has been CEO and chairman since December 2004.

Johnson will report to Ullman, who will become executive chairman. Johnson will also join the company's board of directors, effective in August.

Penney's shares rose $4.04, or 13.4 percent, to $34.15 after the announcement.