Dive Summary:
- J.C. Penney announced on Tuesday that William Ackman, a hedge fund manager and activist investor, has resigned from its board of directors following a public dispute with other members.
- In the wake of Ackman's departure, Penney has named Ronald Tysoe, a former vice chairman at Federated Department Stores, to its board, and the company plans to name another director soon.
- Ackman had called for Myron Ullman III, Penney's interim chief executive, and Thomas Engibous, the board's chairman, though the statement from Penney's board on Tuesday praised both board members' work.
From the article:
... “During my time on the J.C. Penney board of directors, I have always advocated for what I believe to be in the best interests of the company – its stockholders, employees and others,” Mr. Ackman said in a statement. “At this time, I believe that the addition of two new directors and my stepping down from the board is the most constructive way forward for J.C. Penney and all other parties involved.” ...
