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J.C. Penney votes to re-elect board of directors

Published May 20, 2013
By
Philip Nations Contributing Editor

Dive Summary:

  • J.C. Penney investors have voted to re-elect all 11 of the company’s directors following the dismoissal of former CEO Ron Johnson.
  • Former CEO Myron Ullman replaced Johnson in April after a failed attempt to re-brand the company. Investors voted to re-elected all 11 of the company’s directors.
  • Total revenue decline during Johnson’s 2012 term as CEO combined with other costs to yield a total net loss of $985 million for the company.

From the article:

The vote leaves in place directors including William Ackman, whose Pershing Square Capital Management LP is the company’s largest investor, Steven Roth, chairman of Vornado Realty Trust (VNO), as well as Chairman Thomas Engibous.Pershing Square and Vornado both disclosed large stakes in J.C. Penney on Oct. 8, 2010, with plans to turn the company around.
 

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