New JC Penney CEO resigns from Saks board

Associated Press

NEW YORK (AP) -- J.C. Penney Co.'s new CEO, Mike Ullman, has resigned from the board of high-end department store chain Saks Inc.

Ullman's resignation was effective Monday, Saks said in a regulatory filing Wednesday.

Penney said Monday that Ullman had returned to the company. The troubled department store fired Ron Johnson, its CEO of 17 months, after sliding sales and swelling losses.

Ullman had led Plano, Texas-based Penney for the seven years before Johnson's appointment. He had also been its executive chairman until January 2012.

Saks did not name a replacement for Ullman in the Wednesday filing.