J. C. Penney (JCP) New Top Man Announces $50 Million Personal Investment In the Company
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J. C. Penney (NYSE: JCP) incoming CEO Ron Johnson announced a large investment in the company in conjunction with the news of his hiring.
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 of J. 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.
Mr. Johnson, 52, has served for the past 11 years as senior vice president of retail at Apple Inc. (Nasdaq: AAPL) where he led its retail strategy.
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 of J. 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.
Mr. Johnson, 52, has served for the past 11 years as senior vice president of retail at Apple Inc. (Nasdaq: AAPL) where he led its retail strategy.
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