CNBC: J.C. Penney fires CEO Ron Johnson

During the first quarter, I have followed the travails of retailer J.C. Penney with great interest and suggested that the outlook isn’t likely to improve in the near term. Despite a few analysts who claimed to see a silver lining in the company’s recent woes, the marketplace has shown no real faith in the direction charted by CEO Ron Johnson. Today, the company’s board seems to have concurred with the market, firing Johnson after 16 months on the job.