bless his heart, myron ullman, he was out ofed from this company.is not like -- >> here is a very strange case. everyone felt jcpenney was on a slow decline. so they bring in ron johnson. had a great record at apple. great record at target. target as the kills call it, and massive failure. they didn't stick with him. he didn't provide the money to see this thing through and hired his predecessor. melissa: do you think that was a mistake, that they should have stuck with ron johnson? >> they should have known once the thing started to flounder that the time to reshape this thing would be massive amount of time. now where are they going to go? i'm not sure how long mike ullman will be there. what they have to do is stop the bleeding. that is what he is there to try to stop. melissa: do you think he is just temporary and think the same thing about a.g. lafley or is this -- >> lafley left in a blaze of glory. the company was stiltfied and turn it around and unfortunately successors had problem. that is not more of a leisurely case but a case where they

news flash, the current ceo is a former ceo of jcpenney, myron ullman. he used to work at jcpenney. do the blame game and for how long? this is corporate equivalent of blaming george w. bush. ashley: charge for the quarter. >> that's exactly right. they burned through nearly ten million a day. nearly a billion dollars cash last three months, 950 million bucks. jcpenney is retail's favorite punching bag right now. the fact sales will be down a projected 16% versus last year. better than 18%, 20 5% drags we're seeing in recent quarters but how long can he do the blame game here? this is his company right now. he has $1.75 billion credit line from goldman sachs. can he turn it around in a year? retail stores is really jcpenney a real estate play with the mall stores being valuable? no. the mall stores, you seen other mall stores gone under, nobody moves into the fancy stores. sears is talking about turning their stores into gun shops. they're not prime estate territory. this is what wall street is it waiting on to see what will be mike ullman's turn around strategy and wlrnlt he can co

this follows the news that myron ullman is back at jcpenney after the disasterous rein of ron johnsonsperation or a trend more companies will be trying out? university of delaware professor and weinberg center for corporate governance dr. charles ellison is here. professor, thanks for coming in. today's stock pick, p&g way up 4% on a day when the market is basically flat. that shows confidence in its decision, doesn't it? >> i think the board did the right thing but i think you have to caution it is very important to realize i don't think this is permanent fix. in other words i don't think bringing someone back after they retired means they will be there for a long time to come. this to me is something, in kind of the interim. he bring somebody in and stablizes things and you get somebody else. david: bill ackman and other activist shareholders were pushing for this change. is this something you're beginning to see by activist shareholders demand to bring back the good ol' guys? >> not to bring back the good ol' guys but to make a change in current leadership. if you make a change in