Dive Summary:
- After only four months after being re-instated as active CEO of J.C. Penney Co. following the removal of Ron Johnson, Myron Ullman is rumored to be departing the retailer, based on information published by Forbes.
- “It’s surprising that Ullman might be out . . . a week before the quarter has been announced and it’s only been four months,” since he was hired back,’ states Morningstar analyst Paul Swinand. A list of possible successors includes former CEO Allen Questrom.
- J.C. Penney board of directors responded to the reports on Thursday regarding Ullman by publicly reaffirming their faith in him as interim chief executive.
From the article:
If the report is true that Ullman is out, it suggests that Bill Ackman, the financial wunderkind who has an 18% stock in J.C. Penney, is starting to feel pressure from his hedge fund Pershing Square Capital Management to make yet another change at the top.
