Ackman Resigns From J.C. Penney's Board
Hedge fund manager William Ackman has resigned from the board of J.C. Penney, bringing an end to an unusually public rift among directors that had threatened the struggling company's turnaround efforts. Ackman resigned Monday, J.C. Penney said in a statement Tuesday. The board is bringing aboard former Federated Department Stores Inc. — now Macy's — executive Ronald Tysoe and said it will name another new director in the future. The board also declared its "overwhelming support" for Chairman Thomas Engibous and Chief Executive Myron "Mike" Ullman, both of whom Mr. Ackman had argued should be replaced.