Starbucks CEO Schultz says Ackman has done damage to J.C. Penney -CNBC
NEW YORK Aug 9 (Reuters) - Howard Schultz, the chief executive of Starbucks, said on Friday that major J.C. Penney shareholder Bill Ackman has done damage to the company and believes Ackman should be removed from the retailer's board.
"Mike Ullman came back really to try and save the company, and what's so perverse here, is that he's trying to save the company that Bill Ackman has basically done severe damage to," Schultz told cable television network CNBC.
Ullman is currently J.C. Penney's chief executive and also serves on the Starbucks board.
"If I was sitting on that board, I would be asking for Bill Ackman's removal," Schultz said. Ackman, J.C. Penney's largest shareholder, on Friday urged the company's board to replace its chairman, Thomas Engibous.
Ackman on Thursday pushed to speed up the replacement of Ullman, who returned in April to stem sales declines blamed on Ron Johnson, Ackman's pick to turn around the struggling century-old department store chain.