When CEOs Return: A Cautionary Tale

Myron “Mike” Ullman III in 2009 Photograph by Mark Lennihan/AP Photo

When companies hunting for a new chief have a prior CEO on the board, they reinstate the former executive one-quarter of the time, according to a 2007 study by researchers at Ohio State University. That’s what J.C. Penney did yesterday, sliding Myron Ullman back into the C-suite after the ouster of Ron Johnson.

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