J. C. Penney Says CEO Search In Progress

(RTTNews) - J. C. Penney Co., Inc. (JCP) Thursday said it had started a process to find a permanent successor to Mike Ullman, who returned as chief executive of the company four months ago to correct the errors of the previous management.

The struggling retailer expressed displeasure over a letter by its top investor William Ackman to the board, which was reported in the media, complaining that the CEO search process was slow.

William Ackman is head of the investment firm Pershing Square Capital Management, L.P. and is a J. C. Penney director.

Thomas Engibous, Chairman of J.C. Penney said, "When Mike returned, it was understood that there would be an effort to rebuild the management team, including a search process to identify his successor. The CEO search process, which began in earnest three weeks ago, will be careful and deliberate to ensure we find the right long-term leader for jcpenney.''

Engibous said the Board strongly disagrees with Ackman and is extremely disappointed that his letter was released to the media at the same time that it was sent to the Board. He said Ackman's latest actions are disruptive and counterproductive at an important stage in the company's recovery.

JCP closed up 6.7 percent at $13.66 on Thursday, but fell 3 percent in the extended trade.