J.C. Penney faces long recovery after tumult
Activist investor William Ackman’s departure from the J.C. Penney board at least temporarily ends the months-long boardroom drama that seized the faltering retailer and potentially sets the stage for a long and slow recovery, experts said Tuesday.
Ackman, Penney’s largest investor with a nearly 18% stake through his Pershing Square Capital Management hedge fund, stepped down after earlier saying he’d lost confidence in the board and calling for the replacement of Chairman Thomas Engibous.
Andrew Reid wieghs in on the importance of customer engagement. Read the full article from USA Today.