Ackman Leaves JC Penney Board After Slamming Leadership

Law360, New York (August 13, 2013, 1:29 PM EDT) -- Activist investor Bill Ackman stepped down as a director of J.C. Penney Co. Inc., the struggling retailer said Tuesday, continuing the fallout after the billionaire last week sent a pair of public letters that thrust private boardroom squabbles into the spotlight.

The move ends Ackman's three-year push to redirect the sputtering retailer, during which time he had pressed for strategic changes and management overthrows in bold plans aimed at correcting the company's course. In letters he made public on Thursday and Friday, Ackman called for the...
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