Headlines

JCPenney Given Deadline to Name New Ceo

Shareholder Ackman also wants Allen Questrom aboard as chairman

Published

11 years ago

August 8, 2013

steve kaufman

Reuters News Agency has reported that the pressure has intensified for JCPenney Co. Inc. (Plano, Texas) to find a new ceo.

Reuters quoted a CNBC report saying top investor Bill Ackman, ceo of Pershing Square Capital Management LP (New York), has given the company 30-45 days to replace interim ceo Mike Ullman, who was hired in March following the firing of Ron Johnson.

CNBC also reported that former JCPenney ceo Allen Questrom would rejoin the company as its chairman. But it later had to amend that report because Questrom said he would consider becoming chairman only under the right conditions. He would not come back to JCPenney in a hostile situation, and his return would be largely dependent on the new ceo.

Questrom was Penney's ceo from 2000 to 2004, when he was succeeded by Ullman. But he clearly retains some clout with the company. In March, he told CNBC that the Penney board had to take immediate action and Johnson was replaced weeks later.

Questrom recently joined the board of The Men’s Wearhouse Inc. (Houston).

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