Right behind the news that JC Penney president Michael Francis is leaving the company and just as the the stock falling over 10% today, Bill Ackman has some things to say.Ackman, whose hedge fund Pershing Square is the majority stakeholder of JC Penney (they own nearly 18% of the company), has been attempting to turn around JC Penney as his biggest investment. His most ambitious move so far has been hiring away Apple retail guru Ron Johnson to become the CEO of the retailer, but that has garnered ambiguous results.
He told Bloomberg in a telephone interview today that recent advertising strategy didn’t reach JC Penney’s core customers, referring to Johnson’s strategic attempt to ween JC Penney’s typical customers off the “sales mentality.”
However, Ackman added that he still “100% believes in JC Penney’s strategy,” and has strong faith in Johnson’s handling of JC Penney’s marketing initiatives.
We’ll see how that pans out.
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