J.C. Penney Co. Inc. said today it has hired an Apple Inc. executive as the department store chain’s new CEO. Ron Johnson will take over from J.C. Penney CEO Myron Ullman on Nov. 1. Johnson will then report to Ullman, who becomes executive chairman. Johnson also joins the retailer’s board of directors.

J.C. Penney is No. 20 in the Internet Retailer Top 500 Guide. Apple is No. 3.

Johnson, 52, has worked for the past 11 years as senior vice president of retail at Apple, according to J.C. Penney.  The retailer now operates more than 300 stores in the United States and abroad. Prior to Apple, he spent 15 years at Target Corp., No.  22 in the Top 500 Guide, where he was a merchandising executive.  His responsibilities there included such product categories as men and women’s apparel, children’s items and home. 

“Ron is widely recognized and highly regarded in the retail industry for his creativity and innovation, his commitment to empowering employees to deliver an unparalleled customer experience, and to making stores exciting places where people love to shop,” Ullman says. “His tremendous accomplishments at Apple and Target speak to his great consumer merchandising, marketing and operational talent.”

J.C. Penney says Johnson will invest $50 million in his new employer via the purchase of warrants for  7.257 million shares of J. C. Penney stock.