Reuters is reporting that Bill Ackman will sell his entire stake in J.C. Penney (NYSE: JCP). The stock is down about 2 percent on the news. Ackman took an activist stake in the name and was instrumental in getting former Apple (NASDAQ: AAPL) retail boss Ron Johnson installed as CEO. Johnson was later fired.
Recently, Ackman went to the public to try and push the J.C. Penney board to find a new CEO to replace current CEO Mike Ullman.
Ackman has also been locked in a battle with billionaire Carl Icahn over Herbalife (NYSE: HLF)
J.C. Penney, today, filed a prospectus for resale of shares owned by Pershing Square. Part of the prospectus read, “This prospectus supplement provides for the resale of 39,075,771 shares of our common stock by Pershing Square, L.P., Pershing Square II, L.P., Pershing Square Holdings, Ltd and Pershing Square International, Ltd. We will not receive any proceeds from the sale of the shares of common stock by the Selling Stockholders.”