J.C. Penney Co. reported that hedge-fund manager William Ackman had resigned from the company's board, in the wake of an unusually public dispute over the embattled retailer's future.
The announcement follows statements Ackman made last week saying he'd lost confidence in Penney's board and that its Chairman Thomas Engibous should be replaced. Ackman and the retailer's board also were bickering over how quickly the company should replace CEO Mike Ullman.
Ackman's investment firm, Pershing Square Capital Management, has a nearly 18 percent stake in Penney.
Penney named Ronald Tysoe as a director to fill Ackman's seat. Tysoe is former vice chairman of Federated Department Stores Inc., which is now Macy's Inc. Penney will name an additional new director in the near future.
Ackman said in a statement that the moves were "the most constructive way forward" for the Plano, Texas company and all other parties involved.
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