“J.C. Penney Co. is tapping Ron Johnson, head of Apple Inc.’s iconic retail stores, as its new president and eventual chief executive, people familiar with the situation said,” Elizabeth Holmes and Joann S. Lublin report for The Wall Street Journal.

“The company is expected to announce Mr. Johnson’s appointment later today,” Holmes and Lublin report. “Mr. Johnson will become CEO in the next few months, succeeding long-time leader Myron ‘Mike’ Ullman. He joined Apple from Target Corp., where he was vice president of merchandising for stores.”

Holmes and Lublin report, “Mr. Johnson joined Apple in 2000 and has since opened more than 300 stores for the company.

Read more in the full article here.

MacDailyNews Take: Johnson is a major league all-star. Apple will be sorry to see him go and, all of a sudden, J.C. Penney has a bright future. Good luck and job exceedingly well done, Mr. Johnson!

[Thanks to MacDailyNews Readers “Fred Mertz” and “Mike in Helsinki” for the heads up.]