Ackman a "rogue" according to JCP board source

|By:, SA News Editor

The J.C. Penney (JCP) board met late Sunday to consider its next steps, including possibly taking action against Bill Ackman - the company's largest shareholder and a director - after Ackman brought board deliberations into the public by urging quick movement on replacing CEO Mike Ullman.

Sticks and stones - "Rogue" is a nasty word, but it's not clear whether Ackman violated any legal duty, and the board seems to have few options for isolating him. "They have to learn to live with each other - one way or another," says one corporate governance expert.

One possibility would be the board refusing to renominate Ackman as a director when he comes up for re-election next spring.