Hedgeye Retail Sector Head Brian McGough appeared on CNBC yesterday to discuss the ousting of embattled JCPenney (JCP) CEO Ron Johnson. McGough was one of the first people on Wall Street to note that the timing of the firing was a bad choice for JCPenney as it had yet to fully execute on Johnson’s plan of “stores within a store.” The company is also low on capital and the decision to bring former CEO Mike Ullman back into the mix was confusing at best noted McGough. You can watch Brian’s full appearance on CNBC in the clip posted above. Fast forward to the first minute of the video for his take on JCP.
McGough was also quoted extensively throughout various news outlets yesterday; we’ve rounded up the various stories for you to check out:
J.C. Penney board comes under fire for CEO switch (via Reuters)
Wall Street hits record high (via TVNZ)
JCPenney Board Of Directors Gets Call To Resign After CEO Ouster (via HuffPo)
J.C. Penney ousts CEO, Mike Ullman returns (via The Star Online)
Did J.C. Penney Pick The Exact Wrong Time To Fire Ron Johnson? (via Forbes)
Big News: J.C. Penney Company, Inc, Alcoa Inc. (via Valued Business News)
Penney same-store sales down 10% in 1Q, Dow Jones reports (via Chicago-Tribune)
J.C. Penney ousts CEO Ron Johnson (via MarketWatch)