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Pershing Square discloses Ackman resignation from J.C. Penney board

Pershing Square, the holder of a 17.7% stake in J.C. Penney, disclosed in a regulatory filing that effective on August 12, William Ackman resigned from the company's board of directors. Ackman’s resignation was the result of a disagreement with the board related to the timing and process surrounding the board’s CEO succession plan and, as a result of the resignation, Ackman and the company entered into a settlement which includes, among other things, the appointment of two new directors to the board with substantial retail expertise. The Fly notes that in a press release yesterday, J.C. Penney announced that Ronald Tysoe, who spent 16 years as Vice Chairman at Federated Department Stores, has been elected to the board.