George Soros, who owns a sizeable stake in JCPenney, has taken sides with the retailer in its feud with hedge fund manager Bill Ackman, Bloomberg News reports.
According to Bloomberg, which cites unnamed sources familiar, Soros told JCPenney that he supports current CEO Mike Ullman and his team of executives.
The stock was last trading up about 3%.
Soros Fund Management reported a 7.91% passive stake in JCPenney back in April.
Last week, Ackman, who is JCPenney’s top shareholder, fired off letters to the board demanding that they find a new CEO to replace interim CEO Mike Ullman. He also reportedly threatened to sell his stake if the retailer didn’t find a new CEO.
This isn’t the first time Soros has taken the opposing side of Ackman.
It was recently reported that Soros had snapped up a large long position in Herbalife, the stock that Ackman is famously and very publicly shorting.
Ackman then filed a complaint with the SEC accusing Soros Fund Management of violating securities laws by illegally colluding with other investors.
Shortly after that, Soros asked to redeem all of his money (less than $US250 million) from Ackman’s Pershing Square.
Also, they both work in the same building at 888 Seventh Avenue.