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TheStreet Open House

Bill Ackman Quits J.C. Penney Board

Stocks in this article: JCPM

NEW YORK ( TheStreet) - Activist investor Bill Ackman has resigned from the J.C. Penney (JCP) board, the company announced early on Tuesday.

Ackman has been pushing for leadership change at J.C. Penney, recently thrusting the struggling department store into the full glare of the media spotlight.

The company's shares gained 0.91% to reach $13.29 in pre-market trading.

J.C. Penney also announced that retail industry veteran Ronald W. Tysoe, the former Vice Chairman at Federated Department Stores, now known as Macy's (M), has been elected to the board. The Board also intends to name "another highly qualified new director" in the near future, it said.

"During my time on the J. C. Penney Board of Directors, I have always advocated for what I believe to be in the best interests of the Company - its stockholders, employees and others," said Ackman, in the statement. "At this time, I believe that the addition of two new directors and my stepping down from the Board is the most constructive way forward for J. C. Penney and all other parties involved."

In its statement, J.C. Penney's board also reaffirmed its "overwhelming support" for CEO Mike Ullman and Chairman Thomas Engibous "both of whom have been working tirelessly to position the Company for future success."

"This important work has included stabilizing the Company`s operations and financial position, restoring confidence among vendors, and taking steps to get customers back into stores," it added.

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--Written by James Rogers in New York.

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