After his success at Apple and Target, Johnson was hired as chief executive officer by J. C. Penney in November 2011, succeeding Mike Ullman, who had served as CEO for the preceding seven years. Ullman then served as chairman of the board of directors, but was relieved of his duties in January 2013. Bill Ackman, a J. C. Penney board member and head of hedge fund Pershing Square supported bringing in Johnson to shake up the store's stodgy image and attract new customers. Johnson was given $52.7 million when he joined J. C. Penney, and he made a $50 million personal investment in the company. After being hired, Johnson tapped Michael Kramer, an Apple Store veteran, as chief operating officer while firing many existing J.C. Penney executives.