J.C. Penney (NYSE:JCP) announced today that activist investor Bill Ackman is resigning from the board of directors after the very public dispute between the hedge fund executive and the company reached a head last week. Ackman called for both the interim CEO and the Chairman of the Board to be replaced so that new management could guide the turnaround efforts of the struggling department store chain. Ackman's Pershing Square Capital owns a 18% stake in the company and will have more leeway to decrease the size of its stake after Ackman leaves the board. In early trading, shares of JCP were higher by nearly 2%.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.