When Johnson and Callahan decided to quit their partnership, they give Penney the chance to buy them out. He does and opens up more stores. By 1916 there were more than 88 stores, including some on the eastern side of the Mississippi. They start phasing out the Golden Rule name in favor of J.C. Penney.
Penney gave up the Presidency of the company in 1917 but was the chairman of the board until 1946. He died early 1971, having gone to work three days a week as the honorary chairman of the board up until a fall that broke his hip late 1970. He took the bus to work up until 1965. Penney was nearly 90 when he was finally convinced to take the company car.
J.C. Penney’s website
Wikipedia – J.C. Penney