U.S. retailer JC Penny Co. said Monday its beleaguered Chief Executive Officer Ron Johnson was stepping down.
Johnson was highly criticized for eliminating sales and coupons last year, which alienated many customers, MarketWatch reported.
Last week, investor Bill Ackerman of Pershing Square Capital Management, the company's largest shareholder, said Johnson had erred by making abrupt changes in pricing and merchandising without first running market tests to see how customers would react.
The company said former CEO Mike Ullman would return to run the company.
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