Ackman exits JCPenney board
Tracy Bulla -- Home Accents Today, August 13, 2013
Plano, Texas - The public tussle between activist investor Bill Ackman and JCPenney's board of directors over the retailer's leadership took a new turn when the company announced his resignation from the board.
Ackman's resignation was effective Aug. 12. The board announced yesterday it has elected former Federated Department Stores executive Ronald Tysoe to replace Ackman, also effective Aug. 12. Tysoe spent 16 years as vice chairman of the department store company, which is now Macy's Inc.
Ackman, ceo of Pershing Square Capital Management, has in recent days been lobbying Penney's board to replace interim ceo Mike Ullman and current board chairman Thomas Engibous.
In announcing the change, Penney's board reiterated its support for Ullman and Engibous, saying they have helped stabilize the company and improved vendor confidence.
According to the company, Ackman in his letter of resignation said: "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. 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."