Ackman Resigns from J.C. Penney Board
J. C. Penney announced a series of actions related to its board of directors. First, William A. Ackman of Pershing Square Capital Management has resigned from the board effective August 12, 2013.
The company also announced that Ronald W. Tysoe, a highly respected retail industry executive who spent 16 years as vice chairman at Federated Department Stores (now Macy’s), has been elected to the board also effective Aug. 12, 2013. In addition, the Board said that it intends to name another highly qualified new director in the near future.
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.”
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.”
Tysoe said, “J. C. Penney is one of America’s great companies, and I am very happy to be joining the Board of Directors. I look forward to working collaboratively with the rest of the Board and management to advance the turnaround currently underway.”
The board also reaffirmed its overwhelming support for chief executive officer Myron E. (Mike) Ullman, III and for chairman Thomas Engibous, both of whom have been working tirelessly to position the company for future success. This important work has included stabilizing the Company’s operations and financial position, restoring confidence among vendors, and taking steps to get customers back into stores.
To read the entire J.C. Penney news release, click here.
Previously on abfjournal: Ackman Slams J.C. Penney Board Colleagues in Open Letter, August 12, 2013