This story has been updated from 12:45 pm ET with new information.
According to the report, the Plano, Texas-based company, with prodding from activist investor Bill Ackman, has initiated a search to replace Ullman, who reclaimed the CEO's position in April, following the departure of former Apple (APPL) executive Ron Johnson.
JC Penney shares closed up 6.7% to $13.66 on volume of about 49 million shares. The stock's average three-month daily trading volume is about 9.9 million shares. The stock was trading down 1.9% to $13.40 after the markets closed.CNBC cited a letter it obtained, written by Ackman of Pershing Square Capital Management, who owns just under 18% of the company. In the letter, Ackman, who is also a director on JC Penney's board, expresses "frustration that the process to fill the job permanently has not advanced quickly enough," the CNBC.com article says. However, in a statement issued late Thursday, JC Penney's Chairman Thomas Engibous expressed the company's displeasure with Ackman's actions. "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 said in the statement. "Mr. Ackman has been integrally involved in the board's activities since he joined two years ago," Engibous said. "This includes leading a campaign to appoint the company's previous CEO, under whose leadership performance
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