J.C. Penney appoints new director to resolve clash with Ackman
Reuters' early reports indicated the plans of J.C. Penney to name its new director last Monday. On Tuesday, J.C. Penney announced new developments with regard to the company's Board of Directors.
William "Bill" Ackman of Pershing Square Capital Management holds the largest stake in the company. On August 12 Ackman resigned and forged an agreement with J.C. Penney to resolve their much publicized disputes. Ackman settled but only on the condition that he sells his shares as soon as legally possible.
J.C. Penney, on its announcement designated Ronal Tysoe to fill Ackman's seat on the Board of Directors. Tysoe's 20 years of experiences range from the retail business, as well as the finance and real estate sectors, makes him an ideal candidate for the position.
In the meantime, J.C. Penney reaffirmed their support for the company's Chief Executive Officer, Myron Ullman, III and Chairman Thomas Engibous. J.C. Penney also stated that the two men play a great role in ensuring J.C. Penney's plans for future success and stability.