Amazingly arrogant and data-free CEO didn't understand customer base or think he had to, brought in his own execs and ignored those already at the company, and implemented changes that caused a 25% drop in sales.

Quoting: "Mr. Johnson wanted to transform Penney into shopping wonderland with designer boutiques and stable prices instead of coupons. But many of his ideas were not tested and soon backfired ... brought in his own team, largely from Apple and Abercrombie & Fitch ... Mr. Johnson liked to tell employees that there were two kinds of people: believers and skeptics, and at Apple, there were only believers. He wanted the same at Penney: when employees pushed back on Mr. Johnson’s strategies, they got nowhere ... He ignored a study Penney had just completed on customer preferences ... [He ignored advice from] retail stars like J. Crew’s Millard S. Drexler ... We’re not going to test it — we’re going to roll it out ... He ordered merchandising executives to move away from frumpy categories like maternity wear and toward slim-fit polos and European-cut suits — despite the fact that many shoppers went to Penney for figure-forgiving basics ... For 2012, Penney’s revenue dropped 25 percent."
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