According to some reports, Ron Johnson, who has been working as the Chief Executive Officer of retail giant, J. C. Penney, has left the company.

Johnson has faced criticism for scrapping the company's sales and coupons in the previous year without proper market testing. The move led a large fall in sales for the retailer. Johnson has been asking for more time after he introduced all the changes in the retail chain. Johnson is betting on an ambitious transformation effort that involves refreshing locations and creating a stores-within-a-store layout to turnaround the firm and for making it more competitive.

Johnson had cut discounts and filled stores with branded boutiques. He admitted that he customers are unhappy about what J. C. Penney has become but are excited about new stores. Johnson was brought in from Apple about a year and half earlier to revive the business but the retailer's business has gone worse in the period.

The ouster of Johnson is set to calm some angry investors and even some within the company but retailer is facing a very difficult market environment as it is losing cash and the number of customers is falling. The retailer will now have to look for a new leader to revive its business.