J.C. Penney Poaches Apple Exec

Ron Johnson is about to take a serious leap from the hippest of all retail stores to one of the dowdiest. Luckily for him, it will come with a big promotion. Johnson, who currently heads Apple’s retail arm, will become chief executive of J.C. Penney in November. Johnson has been widely lauded for taking Apple stores—a concept that many critics felt was doomed—and creating a juggernaut out of the steel-and-glass emporia. Penney’s been chasing him for some time, first contacting him three or four years ago and finally sealing the deal. Current CEO Myron Ullman III will become the company’s executive chairman.