TightWind is written by Kyle Baxter. Stay Hungry. Stay Foolish.

Ouch:

A year and a half into his dismal attempt to turn around J.C. Penney, Ron Johnson was ousted as chief executive on Monday and replaced with his predecessor, Myron E. Ullman III, as the board searched for a new direction for the struggling retailer.

The board said Mr. Ullman, who was at the helm for seven years, “is well positioned to quickly analyze the situation J.C. Penney faces and take steps to improve the company’s performance.”

It’s disappointing that his no sales, fair-pricing plan failed so miserably.