Dive Summary:
- Vornado Realty Trust chairman and CEO Steven Roth has stepped down from J.C. Penney's board of directors.
- Vornado recently said it plans to sells its entire stake in J.C. Penney in the "not-too-distant future."
- J.C. Penney said Roth's resignation was not the "result of any disagreement with the company of the board of directors."
From the article:
Following Roth's resignation, Penney's board now comprises 10 directors, including Ronald Tysoe to fill Ackman's seat. Tysoe is former vice chairman of Federated Department Stores Inc., which has since been renamed Macy's Inc. Penney will appoint an additional director in the near future. Penney declined to offer any indication about who would fill Roth's seat.
