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BREAKING: Bill Ackman Resigns from J.C. Penney Board (JCP)

In a press release this morning, J.C. Penney (NYSE: JCP) announced that hedge fund manager, Bill Ackman has resigned from the J.C. Penney Board of Directors. It also announced that Ronald W. Tysoe was elected to the board.

Thomas Engibous, Chairman of the Board of Directors, said, “The Company is extremely fortunate to have the benefit of Ron Tysoe`s judgment and experience at this important time. His deep knowledge of the retail industry and his financial expertise will be invaluable to us as we continue the work underway to return J. C. Penney to profitability and growth. I would like to thank Bill Ackman for his service on the Board over the past two years.”

In a comment, Ackman 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.

Later in the release, the board said that it reaffirms its public support for CEO, Myron Ullman and for Chairman Thomas Engibous.

[stock-tools exchange="NYSE" symbol="JCP" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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