Apple’s head of retail is leaving the company to become President of JC Penney, Bloomberg said in a wire report. Prior to the move, Ron Johnson lead Apple’s retail strategy and was responsible for its overall performance according to his executive bio on the Apple website. Apple’s retail business reeled in $3.19 billion in revenue last quarter, and it the company is widely heralded for its leadership in the space. Shares of JC Penney stock jumped more than 14% on the news.

Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.