Last week I spoke with Mike Ullman (Myron Ullman III), the returning CEO of J.

FORBES: J.C.Penney: First Challenge for CEO Mike Ullman Is Financing

They feel the management team that Mike Ullman is forming will be creative and will produce satisfactory results.

FORBES: J.C.Penney: Dear Activists, Thank You For This Mess

But less than two years later the executive is out, and will be replaced by his predecessor Mike Ullman.

FORBES: Ron Johnson Out At J.C. Penney, Replaced By Former Chief Mike Ullman

The loan gives Chief Executive Mike Ullman some breathing room, as he attempts to rework the turnaround strategy attempted by the ousted Ron Johnson.

FORBES: J.C. Penney Secures Fresh Financing From Goldman Sachs

As former CEO Mike Ullman goes about stemming the bleeding, J.

FORBES: J.C. Penney Releases Apology Ad Begging Shoppers To Come Back

With Johnson out, and his predecessor Mike Ullman back in, J.

FORBES: Cash-Strapped J.C. Penney Takes Crucial $850M Infusion From Credit Line

Word came down after the closing bell Monday that Johnson had left the company, and would be replaced by the executive he took over from, Mike Ullman.

FORBES: Markets Rewind: J.C. Penney Jettisons Johnson, Earnings Season Begins - Forbes

Penney, replaced by the very guy he replaced: Mike Ullman.

FORBES: Ron Johnson Out At J.C. Penney, Ending Its Year Of Living Dangerously

Penney under the leadership of Mike Ullman.

FORBES: J.C. Penney: What Mike Ullman Should Do In The Next 100 Days

Penney rehired Mike Ullman as its CEO.

WSJ: Judge: JCP can sell Martha-designed goods for now

Mike Ullman is a seasoned retailer.

FORBES: J.C. Penney: What Mike Ullman Should Do In The Next 100 Days

When Myron (Mike) Ullman III returned to the helm of J.

FORBES: J.C.Penney: Dear Activists, Thank You For This Mess