Less than two years in the position, U.S department store JC Penney has given Ron Johnson the flick from his position as CEO.

Instead the company has re-employed JC Penney’s former boss Myron E. Ullman.

Johnson, who is the brains behind Apple’s retail stores, was also responsible for introducing JC Penney’s comprehensive three tier pricing strategy, which removed all forms of discounting. However, the strategy has so far been unsuccessful.

"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.  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," Ullman said in regards to his re-appointment.