News of Johnson's departure broke late Monday, sending shares of J.C. Penney up nearly 13% in after-hours trading. However, after news that Ullman would return to the helm broke shares fell to about 6% below their closing price.
Johnson's tenure as CEO lasted only 17 months. He was hired from a top job at Apple (AAPL), where he was commended for helping to make the company's retail stores so successful. But his turnaround plan for J.C. Penney, which employed a "no sales or coupons" upscale strategy, failed miserably. The stock fell nearly 53% in a year.
Ullman was chief of J.C. Penney from 2004 until 2011. He is not credited with revolutionizing the company's image or bringing in new customers, but rather overseeing the retailer's stable sales.
KPMG is trending after the accounting firm said it fired a partner for insider trading. The firm said late Monday night that it fired a partner in its Los Angeles office for allegedly giving private client information to a third party which used it for stock trades. KPMG said it learned of the incident last week and immediately fired the individual. It also said it had to end business relationships with two clients as a result of the former partner's actions. KPMG did not indicate whether an investigation on behalf of the Securities and Exchange Commission has begun. KPMG has 22,000 partners and employees.
MasterCard (MA) is another popular search. The credit card company is being investigated by European Union regulators over antitrust concerns. EU regulators said it is looking into whether the company's card fees for non-European cardholders and policies violate EU antitrust rules. They said they will also be investigating MasterCard's policies that force merchants to accept all MasterCard variations and rules that inhibit merchants from seeking better terms from other banks.
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