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J. C. Penney Company, Inc. Message Board

  • fabricone1 fabricone1 Aug 9, 2013 11:34 AM Flag

    Ackman should not be so critical

    of the BOD and management. He caused a big part of the problem with his strong backing of Ron Johnson. He is prone to big judgment mistakes in the past and even currently with his debacle at HLF as well as JCP. JCP has big problems and I have commented on them since the beginning of Johnson's tenure here .Ackman made a bad investment in the stock and Johnson. No doubt about it. Now he has compounded it with his poor short sale decision of HLF. He may be forced to sell some shares here as he has wrecked his funds portfolio by pulling the flowers and allowing the weeds to grow. He is going to get slammed even harder very soon at HLF. He is disruptive and adds no benefit as an activist investor and in fact is very detrimental to any reasonable business planning process. It is quite clear that he is lacking a majority of the key skills that it takes to be a successful himself so how can he in fact spot the genius to guide JCP through this quagmire ?

    JCP, can in fact be a successful turnaround if one defines success as a return to a smaller but profitable business base. It is highly doubtful it can return to the former higher volume and actual profits earned in better times anytime in the distant future. In my opinion the BOD has in fact been culpable along with Ackman in allowing and providing oversight in the strategy that brought us to this point. .
    I believe it is essential to attempt to attract Questrom out of retirement to become the COB and let him map out the direction with management and allow Ullman to do it or replace him if he can not. The first piece of business is a strong business plan which would include a marketing plan and audit of the company with a very strong action plan to improve performance on a quick basis. There needs to be a bias for action as the Johnson plan stripped the company of far too many assets both financial and intellectual in my opinion. Time frames and time lines must be shortened. This needs to happen now.

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