Local

Ackman Resigns From JCPenney Board

From Our CBS Music Web Sites

453641528 10 Ackman Resigns From JCPenney BoardAdorbale Baby Animals To Put A Smile On Your Face

christmas on kluv dl Ackman Resigns From JCPenney BoardListen To Christmas Music

176461204 10 Ackman Resigns From JCPenney BoardWomen With Santa

 alt=Musicians Then And Now II

452359780 10 Ackman Resigns From JCPenney BoardMissing Summer?

sx Ackman Resigns From JCPenney Board Victoria's Secret Fashion Show

PLANO (AP) - William Ackman has resigned from JCPenney Co.’s board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store operator.

The announcement follows statements Ackman made last week saying he’d lost confidence in JCPenney’s board and that its chairman should be replaced. Ackman and the retailer’s board also were bickering over how quickly it should replace CEO Mike Ullman.

Ackman’s investment firm, Pershing Square Capital, has a nearly 18 percent stake in JCPenney.

JCPenney named Ronald Tysoe as a director to fill Ackman’s seat. Tysoe is former vice chairman of Federated Department Stores Inc., which is now Macy’s Inc. JCPenney will name an additional new director in the near future.

Ackman said in a statement that the moves were “the most constructive way forward.”

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Latest News:

Top Trending: