When Johnson announced his transformation vision in late January 2012, J. C. Penney's stock rose 24 percent to $43. Johnson's actual execution, however, was described as "one of the most aggressively unsuccessful tenures in retail history". While his rebranding effort was ambitious, he was said to have "had no idea about allocating and conserving resources and core customers. He made promises neither his stores nor his cash flows would allow him to keep". Similar to what he had done at Apple, Johnson did not consider a staged roll-out, instead he "immediately rejected everything existing customers believed about the chain and stuffed it in their faces" with the first major TV ad campaign under his watch. Johnson defended his strategy, saying that "testing would have been impossible because the company needed quick results and that if he hadn’t taken a strong stance against discounting, he would not have been able to get new, stylish brands on board."