In a much anticipated event on January 25, 2012, Ron Johnson, the new outside CEO of JC Penney at the time, presented his bold turnaround strategy: ‘‘he was not going to juststabilize JC Penney, but was going to revolutionize it.’’ He definitely did not disappoint investors who had boosted the company’s shares six months previously with the announcement of Johnson becoming JC Penney’s new CEO. Just over one year after his presentation though, Johnson was again in the headlines, but this time with a starkly different tone: ‘‘JC Penney ousts CEO Ron Johnson after turnaround strategy fails, names predecessor to top spot. . . Ron Johnson’s short-lived tenure as JC Penney’s CEO will go down as one of the biggest flameouts in corporate America’’ (Yahoo News, April 8—9, 2013) The experience of JC Penney is not an isolated case. A recent study of CEO succession trends found that outsider CEOs have been forced out of office 44% more often than insiders have been during the past 10 years. Furthermore, compared to insiders, outsiders are nearly seven times more likely to be dismissed after a short tenure.