Bill Ackman On JC Penney: 'We're Not Going Anywhere'

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.

From WWD: 

“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. 

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.