J. C. Penney Reports Board Changes; William Ackman Resigns - Quick Facts

(RTTNews) - J. C. Penney Company Inc. (JCP) announced the resignation of William Ackman from its Board effective Aug. 12, 2013. The company announced the appointment of Ronald Tysoe, a highly respected retail industry executive who spent 16 years as Vice Chairman at Federated Department Stores Inc., to the Board, effective Aug. 12, 2013. The Board intends to name another highly qualified new director in the near future.

Ackman said, "I believe that the addition of two new directors and my stepping down from the Board is the most constructive way forward for J. C. Penney and all other parties involved."

The Board of J. C. Penney also reaffirmed its overwhelming support for Chief Executive Officer Myron Ullman, III and for Chairman Thomas Engibous.