Current Apple executive Ron Johnson will be named as J.C. Penny Co.'s newest president, The Wall Street Journal reported Tuesday. Johnson eventually will become the company's CEO as well, replacing Myron Ullman.

Johnson was the vice president of merchandising for Target Corp.'s stores before moving to Apple in 2000 where he is the head of its retail stores.

Shares of J.C. Penny Co. (NYSE: JCP) were up 4.32 points, or 14 percent, in late morning trading.