In late 2011, JCPenney hired away Apple retail chief Ron Johnson to serve as CEO and reinvigorate the company after two years of declining revenues. But now The New York Times reports that after over $4 billion in lost sales and a year of failed attempts to implement Apple-style strategies at the department store chain, Johnson's seeing the poor performance reflected in a pay cut of 97 percent. Johnson initially simplified pricing, removed discount sales, and shifted the company's focus to lifestyle and product offerings rather than price. But over the course of 2012, Johnson was forced to backtrack on those decisions as he discovered that JCPenney's customers disliked the changes.