J.C. Penny bid adios to CEO Ron Johnson.

J.C. Penny bid adios to CEO Ron Johnson.

The company’s board said on Monday that Mr. Johnson, who engineered Apple’s retail strategy, is leaving Penney and that Myron E. Ullman III, who had been C.E.O. at the retailer for seven years until Mr. Johnson took over, has returned to the helm.

Talk of Mr. Johnson’s possible departure had been swirling in recent weeks as Penney’s troubles with sales and strategy mounted, and as William A. Ackman, the activist investor and board member who recruited Mr. Johnson to revive Penney’s fortunes, seemed to withdraw support for him late last week.

JCP remains on death watch, its only a matter of time now.