This chart speaks louder than the Thursday letter Ackman wrote to the board of JCP and made public by CNBC on Friday. He demands that a new CEO be located and installed "within 30 to 45 days." As the largest shareholder of JCP, Ackman has stated publicly that he has just one overriding goal in his demands: is to help save one of the great American companies.
"I learned today, that Bill Ackman turned on the shareholders OF JCPENNEY and ITS CEO Mike Ullman FOR WHOM I HAVE THE HIGHEST REGARD BY LEAKING a despicable and corrosive email asking that Mike step down as ceo of JCPenney. "As a result, I cannot be a bystander and allow this to stand. Especially, WHILE Mike IS workING tirelessly to literally save the company, that Ackman himself, has every step of the way, SEVERELY DAMAGED. There's much more to this story. "Ackman has blood on his hands for recruiting and handing over the Crown Jewels of Penney's without the slightest sight of governance to Ron Johnson. With his investment and reputation under water, he's now DESPERATELY rewriting history, bullying the Board, and using his scorched earth strategy to try and salvage HIS ALREADY SULLIED REPUTATION. "This should not stand without a rebuttal of truth, and yes justice. "I have not met the man, but Ackman is a destroyer of companies and the very lives of the hard working American's who go to work every day playing by the rules and hoping for the same from the people at the top. "Bill Ackman should be removed from the Board for violating his fiduciary responsibilities and the rights and lives of the wonderful employees of JCPenney and its dedicated ceo. "For the record, I am not a shareholder of JCPenney. I just have a vested interest in the truth; and, I see the lives of good people being destroyed."As Cramer put it, "That's some strong stuff from the man I now regard as the greatest retailer of this generation."