J.C. Penney Up On New CEO Plans

Shares of J.C. Penney JCP are jumping nearly 15% this afternoon after the company announced former Apple AAPL executive Ron Johnson will take over as the new CEO. In addition, Johnson will make a $50 million investment in the company. Johnson is buying 7.5 year warrants on 7.257 million shares, which have a strike price of $29.92. Johnson's warrants can not be sold for 6 years. Johnson will become CEO in the next few months, as he succeeds former CEO Myron "Mike" Ullman.