Myron Ullman will be taking over as chairman at Starbucks Corp. (SBUX) after Howard Schultz announced his resignation on Monday, June 4.
The transition is effective as of June 26.
Here's what people should know about the new chairman of coffee giant Starbucks.
Ullman Was the CEO of J.C. Penney, Twice
Ullman is known for his role as J.C. Penney Inc.'s (JCP) CEO, where he helped turn around the department store chain at least two times.
Ullman was J.C. Penney's CEO from December 2004 to October 2011. Then former Apple (AAPL) executive Ron Johnson was appointed as CEO amid a boardroom battle with hedge fund manager Bill Ackman. After Johnson was ousted shortly thereafter, Ullman took the helm from April 2013 to July 2015. He was then succeeded by Marvin Ellison, who is now the CEO of home improvement chain Lowe's (LOW) .
He Helped Turn Around J.C. Penney
Under the leadership of Johnson, J.C. Penney faltered and teetered on the verge of going out of business. Johnson's take no prisoners management approach clashed with the boring culture at J.C. Penney. Johnson's shift to selling pricier clothing to J.C. Penney's lower income shoppers also failed miserably.
Ullman quickly scrapped a lot of the ideas that Johnson had implemented, such as upscale shop in shops.
Ullman Reinstated J.C. Penney's Private Label Brands
Under Ullman, private brands—such as JCP Home—were brought back into the stores.He also brought in cosmetics brand Sephora to more J.C. Penney locations. Ullman also moved quickly to better integrate J.C. Penney's online business with its physical stores business.
He Also Helped Boost Morale
Under Johnson, employees felt under-appreciated and overworked.
Ullman brought back the company's business-casual dress code and held town halls with employees to get feedback.