From Home Furnishing Business
J.C. Penney Board Member Resigns
Activist investor Bill Ackman has resigned from the J.C. Penney board following a few days of cantankerous conversation over the retailer's leadership.
Ackman has said in a letter last week that he'd lost confidence in the retailer's chairman to oversee the board of directors.
The board reaffirmed its support for CEO Mike Ullman III and for chairman Thomas Engibous. Ackman, who also holds about 18 percent of the company's stock, had called for the ouster of the two executives.
The retailer has elected Ronald W. Tysoe, who spent 16 years as vice chairman at Federated Department Stores, has been elected to the board effective Tuesday. The board also plans to name another board member in the near future.
In a statement, 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."