J.C. Penney Co. CEO Myron E. Ullman III

J.C. Penney Co. CEO Myron E. Ullman III

Ramin Talaie/Bloomberg

J.C. Penney Co. Chief Executive Officer Myron E. Ullman III will have to decide whether to continue Ron Johnson’s strategy of turning the chain into a collection of boutiques or return to a more traditional department-store model.