J.C. Penney Investors Re-Elect Board That Oversaw Johnson Era

Ron Johnson’s job at J.C. Penney Co. ended after his attempt to overhaul the retailer wiped out a quarter of its sales and about half of its market value. The board members who hired him are staying.

Investors voted to re-elect all 11 of J.C. Penney’s directors, the Plano, Texas-based company said today at its annual shareholder meeting. Myron Ullman, who replaced Johnson on the board and as chief executive officer on April 8, also was part of the slate that won shareholder approval.