You can almost taste the sarcasm in the press statement from Apple:
“Ron is excited about this opportunity and we hope it goes well for him,” a spokesperson said. “We’ve got a great retail team in place and are actively recruiting for his replacement.”
JCPenny also released a statement with some interesting information:
As a demonstration of his confidence in J. C. Penney’s long-term potential, Mr. Johnson requested and has committed to make a personal investment of $50 million in the Company through the purchase, at fair market value, of 7 1/2-year warrants on 7.257 million shares ofJ. C. Penney Company stock. The warrants cannot be sold or hedged for the first six years of their term and have a strike price of $29.92, the closing price of the stock on the business day prior to Mr. Johnson’s commitment to purchase the warrants.
As JCP is up 12% on the hiring news, Johnson just made $6M on his first day. Not bad, but he’s still just went from the second biggest company in the world where he’d pull in double digit million dollar bonuses to a $7B company that sells unremarkable clothes.
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