It appears that hedge fund manager Bill Ackman might surrender in his fight against JCPenney’s board.
This just in from New York Post reporter James Covert…
Ackman, who is JCPenney’s largest shareholder and a member of the board, fired off strongly worded letters to the retailer’s board last week.
His first letter on Thursday demanded that they replace JC Penney’s interim CEO Mike Ullman in the next 30 to 45 days. Ackman’s second letter said that he has lost confidence in the board’s chairman Tom Engibous and called for his replacement with Allen Questrom.
JCPenney called Ackman’s actions “latest actions are disruptive and counterproductive.”
Ackman’s $US12 billion Pershing Square Capital owns nearly an 18% stake in JCPenney.
He has taken a bath on the stock so far.
Since September 28, 2010, the day when Ackman filed his first regulatory filing on JCPenney, shares of the retailer’s stock have tumbled more than 50%.