Johnson will start on November 1st, taking over the position from Myron Ullman, who will stay on as executive chairman of the board.
Penney's market value rose a ridiculous $1 billion during trading on Tuesday following the news with investors and traders clearly seeing Johnson as a huge benefit to the company.
The new CEO was also given $50 million worth of warrants, which will replace the Apple equity award that would have been vested in March of next year.
Since Johnson came on board, Apple has expanded from 1 retail store to over 300, and each store brings in, on average, $34 million in profit per year.
Written by: Andre Yoskowitz @ 15 Jun 2011 1:43
