While it took a bit longer than anticipated, the “experts” are now predicting that J.C. Penney is circling the drain. I have seen that coming since 2104 as I noted in several posts back then (just search the archives); but then I wasn’t being paid as the CEO or a Board member to pretend the Board didn’t kill it off when they fired Ron Johnson in 2013, and returned to the failed strategy that caused them to bring Ron Johnson to the company in the first place.
It’s too bad Boards are not actually held accountable for their actions, but then maybe nobody would serve on them if they were held accountable.
J.C. Penney didn’t die because brick and mortar is in trouble, they died because the Board did not have the courage to let their turn-around guy (Ron Johnson, not the caretakers who have come in since) make it happen over a reasonable timeframe.
This Board joins, the HP Board and the GM Board on my list of top incompetent Boards of U.S. Companies.