Reuters/ Lucas JacksonPeople have been speculating that hedge fund manager Bill Ackman was going to bail on his disastrous JCPenney investment.
Ackman, who runs $12 billion Pershing Square Capital Management, tells Women’s Wear Daily that he’s sticking around.
“We’re not going anywhere,” Ackman told WWD in his first public comments on the retailer since Ron Johnson was ousted as chief executive officer Monday. “In fact, we’re going the other direction. We’re digging in.”
Ackman, who is on the retailer’s board, is the biggest shareholder of JCPenney with an 18.11% stake, or 39,075,771 shares, according the latest 13F filing.
He’s taken a bath on the stock so far.
The struggling retailer said on Monday night its CEO Ron Johnson, a man Ackman personally recruited from Apple and championed as a visionary leader, had stepped down effective immediately.
JCPenney’s stock is down more than 33 per cent YTD.