Hedge fund manager Bill Ackman, who runs Pershing Square, fired back at Starbucks Howard Schultz after the CEO ripped into the activist investor for leaking letters to JCPenney’s board in the media.
According to Bloomberg News, he says that Schultz “doesn’t understand JCPenney facts.”
Those are comments that Ackman made to Charlie Rose, according to Bloomberg News.
Ackman will be on Charlie Rose tonight at 11 p.m. ET on PBS.
Shultz recently told CNBC’s Maria Bartiromo that Ackman had ruined the lives of thousands of JCPenney employees.
“Bill Ackman was the primary engineer and architect of recruiting Ron Johnson to the company and he and Ron Johnson co-authored the strategy that fractured the company and ruined the lives of thousands of JCPenney employees and fractured shareholder value,” Schultz said in the CNBC interview.
Last week, Ackman fired off two letters to JCPenney’s board demanding that they replace interim CEO Mike Ullman within 30 to 45 days. He also sent a letter saying he had lost confidence in chairman Tom Engibous and asked that he resign, too.
Ackman, who remains JCPenney’s top shareholder, stepped down from the board this morning.
He also said that he’s disappointed in Dan Loeb’s Herbalife trade.
Weeks after Ackman publicly revealed that he’s shorting more than $US1 billion worth of Herbalife, Loeb, who used to be Ackman’s friend, snapped up a sizeable long position. He exited that stake in the second quarter for a nice profit.
We’ll be tuning in tonight to see Ackman’s interview.
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