Thomas Engibous

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.

Ron Johnson lasted just 17 months as CEO of J.C. Penney. A J.C. Penney spokeswoman confirmed that Johnson is stepping down and will be replaced by his predecessor, Myron "Mike" Ullman, effective immediately. Ullman has also been elected to Penney's board of directors. "We are fortunate to have someone with Mike's proven experience and leadership abilities to take the reins at this important time," said Thomas Engibous, chairman of the board of directors, in a statement. "He's well-positioned to quickly analyze the situation J.C. Penney faces and take steps to improve the company's performance."

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