Plano, Texas-based J.C. Penney Co. Inc. announced that Myron Ullman has rejoined the company as CEO, effective immediately. He also has been elected to the board of directors. Ullman, who served as CEO of JCPenney until late 2011, succeeds Ron Johnson, who is stepping down and leaving the company. "While JCPenney has faced a difficult period, its legacy as a leader in American retailing is an asset that can be built upon and leveraged,” Ullman said. “To that end, my plan is to immediately engage with the company's customers, team members, vendors and shareholders, to understand their needs, views and insights. With that knowledge, I will work with the leadership team and the board to develop and clearly articulate a game plan to establish a foundation for future success."