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In this Tuesday, April 9, 2013, file photo, Customers shop at a J.C. Penney store, in New York. Activist investor Bill Ackman said Friday, Aug. 9, 2013, he has lost confidence in J.C. Penney's board and its chairman should be replaced. Penney Chairman Thomas Engibous fired back and called Ackman's comments inaccurate.
In this Tuesday, April 9, 2013, file photo, Customers shop at a J.C. Penney store, in New York. Activist investor Bill Ackman said Friday, Aug. 9, 2013, he has lost confidence in J.C. Penney's board and its chairman should be replaced. Penney Chairman Thomas Engibous fired back and called Ackman's comments inaccurate.
(Mark Lennihan/AP)

FINANCIAL TIMES

Ackman feuds with board while J.C. Penney burns

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

So you are a billionaire investor whose reputation, not to mention business model and lucrative fees, rests on your ability to at least leave companies in a better state than you found them. Now imagine that the latest project has not gone so well.