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J.C. Penney board defends Ullman, disagrees with Ackman

  • J.C. Penney's (JCP) -3.4% AH after its board provides a harsh response to Bill Ackman's letter calling on the struggling retailer to quickly find a new CEO to replace Mike Ullman.
  • Chairman Tom Engibous: "The Board of Directors strongly disagrees with Mr. Ackman and is extremely disappointed that his letter was released to the media at the same time that it was sent to the Board."
  • Engibous also defends Ullman: "The Company has made significant progress since [Ullman] returned as CEO four months ago .. Mike is the right person to rebuild jcpenney."
  • Nonetheless, Engibous admits a CEO search "began in earnest three weeks ago." He promises it will be "careful and deliberate."
  • Ex-CEO Allen Questrom says he's willing to return as chairman, but only if he's happy with J.C. Penney's new CEO.
  • Shares rose 6.7% in regular trading thanks to Ackman's letter, and a CNBC report stating J.C. Penney is looking to replace Ullman.
Comments (8)
  • redarrow5150
    , contributor
    Comments (998) | Send Message
     
    I would think Ackman would shut the heck up considering he was the one who wanted Ron Johnson as CEO.
    8 Aug 2013, 08:49 PM Reply Like
  • daknight2012
    , contributor
    Comment (1) | Send Message
     
    Bill Ackman acts like a meddling little creep. He ought to just keep his mouth shut and keep company business quite. I'll bet he's the one who started the rumor about CIT cutting off Penney.
    9 Aug 2013, 01:10 AM Reply Like
  • scs8744
    , contributor
    Comments (59) | Send Message
     
    Ackman did what he did to halt the scary slide of the stock price. And it worked. So far.

     

    It's deja vu.

     

    Shortly before the awful Q1 report, Ron Johnson was fired. Now, shortly before a likely awful Q2 report, the CEO is rumored soon gone. Leading JCP is a dangerous job at earnings time.
    9 Aug 2013, 01:15 AM Reply Like
  • User 14774872
    , contributor
    Comments (5) | Send Message
     
    When a major shareholder like Buffet made a comment to advise Tesco Board to consider leaving the USA, it was welcome by shareholders and Tesco did leave USA afterwards and the SP reacted favourably. Here, when Ackman made a comment, he is scorned. Why? He is a major shareholder of JCP. He is an activator. Do examine his past record? Do we know more than he does?
    9 Aug 2013, 06:28 AM Reply Like
  • peloya
    , contributor
    Comments (17) | Send Message
     
    After he "did" Ron Johnson, I think we know what he does....
    9 Aug 2013, 09:02 AM Reply Like
  • Alejandro43
    , contributor
    Comments (48) | Send Message
     
    Go visit a Penney's store. You will see that things are looking up. You can see it on the faces of the sales clerks, on the well stocked shelves, and on the heavy traffic moving through the aisles.
    9 Aug 2013, 09:32 AM Reply Like
  • chopchop0
    , contributor
    Comments (3228) | Send Message
     
    only because they are trying to go back to the way things were prior to RJ's hiring.
    9 Aug 2013, 11:10 AM Reply Like
  • Biohazard
    , contributor
    Comments (7) | Send Message
     
    Bill Akman is the best thing to happen to my investment strategy in years. I have made more money in his tidal wave of missteps than by any other means. The damage he his done to JCP is opened yet another opportunity to build a position is a decent company that will eventually recover along with the economy.
    9 Aug 2013, 10:16 AM Reply Like
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