J.C. Penney to name new director to resolve Ackman dispute - WSJ
Aug 12 (Reuters) - J.C. Penney Co's board is preparing to name a new director with retail experience as part of an effort to resolve its dispute with hedge fund Pershing Square's Bill Ackman, the Wall Street Journal reported, citing people familiar with the matter.
Also, as part of the negotiations over board composition, Ackman's effort to immediately remove interim Chief Executive Myron Ullman would be put on hold, the person told the paper.
The new director is expected to be named as early as Tuesday, the people said. The board may eventually name more new directors as well, a step sought by Ackman, who believes it could help the board function better, one of the people told the Journal. ()
The public battle between Penney and Ackman escalated late last week with the hedge fund manager demanding the ouster of the retailer's chairman, Thomas Engibous, as well as Ullman. Ackman had demanded that Ullman be replaced within the next 30 to 45 days.
Pershing Square and J.C. Penney officials could not immediately be reached for comment by Reuters outside of regular U.S. business hours.
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