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In this July 31, 2013, file photo, school uniforms by Izod are displayed at J.C. Penney in New York.
In this July 31, 2013, file photo, school uniforms by Izod are displayed at J.C. Penney in New York.
(Mark Lennihan/AP)

FINANCIAL TIMES

Ackman’s gone. Now J.C. Penney has to sweep up

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Thank goodness that’s over. Bill Ackman has quit the board of J.C. Penney Co. Inc. in what appears to be a resolution to the nasty public row that erupted last week at the U.S. department store chain. In return for the exit of the activist investor, who had unsuccessfully called for the ousting of both the chief executive and the chairman of the retailer, J.C. Penney has recruited a veteran of the industry, Ronald Tysoe, to join the board. It says it intends to name another “highly qualified” director soon. The dispute had threatened to be a distraction at a critical time for retail. It is back-to-school season, which will be quickly followed by the holidays. Now, thankfully, everyone can focus on the business. Still, shares of J.C. Penney, with a market capitalisation of about $3-billion (U.S.), dropped 3 per cent on Tuesday on the news.