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JCP Shares Up After Reports Of New CEO Search

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NEW YORK (CBSDFW.COM/AP) — Shares of J.C. Penney shares jumped 7 percent after a media report that the retailer is starting a new CEO search to replace Mike Ullman.

Ullman retook the reins in April after Penney CEO Ron Johnson was ousted after 17 months on the job after a radical makeover of the chain failed to boost results.

A cable business network reported that the Plano-based company is seeking a new CEO and activist investor Bill Ackman sent a letter to J.C. Penney’s board saying the process should be sped up. Former J.C. Penney CEO Allen Questrom said in an on air-interview he would consider coming aboard as chairman.

Ackman’s Pershing Square had no immediate comment. Questrom and representatives for J.C. Penney could not immediately be reached.

Shares of Penney jumped 7.1 percent to $13.71.

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