Ackman Calls For JC Penney Shakeup, Blasts CEO Search

Law360, New York (August 9, 2013, 3:19 PM EDT) -- Billionaire activist Bill Ackman fanned the flames of his ongoing feud with J.C. Penney Co. in a Friday letter — his second in as many days — calling for a boardroom shakeup that would force out the company’s chairman and replace its interim CEO.

Ackman has locked horns with the retailer for some time, having repeatedly lambasted its leadership for botched management decisions. In his latest volley of criticism, the investor said the company is “now flying blind” and called on it to jump-start a 30-...
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