J.C. Penney canned CEO Ron Johnson after seventeen months. His implosive changes cost Penney billions and shareholders forty percent of their investments.
But Johnson’s only the face of the disaster. And nobody has mentioned Penney’s board of directors.
The real culprit is a guy named William Ackman and the rest of Penney’s board of directors. Ackman manages a hedge-fund that is Penney’s largest shareholder. It was Ackman who led the board to coax Johnson away from Apple.
The very best advice about advertising is: if you have something important to say, just say it. If you don't, sing it. So it distresses me when I see advertising that says nothing, for a brand that really has something to say. And in the case of JC Penny, I mean, literally nothing.