J.C. Penney Company, Inc. (NYSE:JCP) Board Attacks Director


Dallas, Texas 08/12/2013 (Financialstrend) – J.C. Penney Co. (NYSE:JCP)’s panel is considering whether to take action against William Ackman, a director and the firm’s biggest investor, after the hedge-fund manager publicly issued secret boardroom considerations in 2 separate salvos during the past week, people near to the firm stated.

The panel also assembled late Sunday noon over telephone in order to mull over its next actions after Mr. Ackman pushed directors to hurriedly put back Chief Executive Myron “Mike” Ullman, people acquainted with the issue stated.

The panel didn’t take any instant action about Mr. Ullman, though the condition stays fluid, the people added up.

An unusually public fight irrupted at the top of the company late last week when Mr. Ackman made public a note calling on the board to progress more quickly to reinstate Mr. Ullman. That opened a rift at the stressed department-store chain, which has fazed shareholders and threatened attempts to discontinue a deep slide in sale facts.

J.C. Penney Company, Inc. (NYSE:JCP) to Report 2nd Quarter 2013 Financial Results on August 20, 2013

As per latest reports, J.C. Penney Company, Inc. (NYSE:JCP) will make declaration about its quarterly results on August 20, 2013.

The company is one of the country’s biggest apparel and home furnishing retail merchants, is dedicated to turning into US’s favored retail spot for unmatched approach, excellence as well as worth.

J.C. Penney Company, Inc. (NYSE:JCP) scrip augments following news company is commencing new CEO search

The company’s scrip rose around 7% on Thursday following the media report that the retail merchant is commencing a new chief executive officer search to put back Mike Ullman.

Ullman, who had been the firm’s chief executive officer from the year 2004 to 2011, repossessed the reins during the month of April after Penney chief executive officer Ron Johnson was expelled after 17 months on the job after his fundamental alteration of the chain failed to improve outcomes.