Apple executive Ron Johnson is leaving Cupertino to become the chief executive officer at JC Penney.
Johnson will assume the role effective November 1 and join the JCPenney board on August 1. He will report to Myron Ullman, current chairman and CEO, who will become executive chairman when Johnson comes on board.
Johnson has been with Apple for 11 years as senior vice president, where he led retail strategy since Apple opened its first store in 2001, and is known for creating the stores' popular "Genius Bars." Prior to Apple, Johnson was at Target for 15 years as a merchandising executive.
"I've always dreamed of leading a major retail company as CEO, and I am thrilled to have the opportunity to help JC Penney re-imagine what I believe to be the single greatest opportunity in American retailing today, the Department Store," Johnson said in a statement. "I have tremendous confidence in JC Penney's future and look forward to working with Mike Ullman, the executive board, and the company's 150,000 associates to transform the way America shops."
"[Johnson] is widely recognized and highly regarded in the retail industry for his creativity and innovation, his commitment to empowering employees to deliver an unparalleled customer experience, and to making stores exciting places where people love to shop," Ullman said.
Johnson will invest $50 million of his own funds in 7.257 million shares of JC Penney stock "as a demonstration of his confidence" in the company's long-term potential, the company said. He cannot sell that stake for the first six years of their term.
As Apple Insider notes, Johnson in October cashed in his Apple stock options and cleared more than $44 million in profit before taxes.
An Apple spokesperson told All Things D that the company is "actively recruiting" for Johnson's replacement.
For a glimpse at what Johnson has been working on for the past 11 years, see Six Apple Stores to Visit Before You Die.