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PLANO, Texas (AP) — William Ackman has resigned from J.C. Penney Co.’s board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store operator.
The announcement follows statements Ackman made last week saying he’d lost confidence in Penney’s board and that its chairman should be replaced. Ackman and the retailer’s board also were bickering over how quickly it should replace CEO Mike Ullman.
Ackman’s investment firm, Pershing Square Capital, has a nearly 18 percent stake in Penney.
Penney named Ronald Tysoe as a director to fill Ackman’s seat. Tysoe is former vice chairman of Federated Department Stores Inc., which is now Macy’s Inc. Penney will name an additional new director in the near future.
Ackman said in a statement that the moves were “the most constructive way forward.”