Industry News

Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

News Archive

Read More Industry News >

Ackman Wants JC Penney Chairman Out

Aug 12, 2013
Jing Chen

Hedge fund manager Bill Ackman, whose New York-based hedge fund firm Pershing Square Capital is the retailer’s largest shareholder, is pushing JC Penney to oust its chairman Tom Engibous.

In a letter obtained by Bloomberg, Ackman claimed that JC Penney’s board “isn’t functioning effectively” with major decisions made without the advice of all directors. Ackman also said that important information regarding the retailer has been withheld from him.

Ackman is also calling for JC Penney’s board to meet “as soon as possible,” and has recommended former that JC Penney CEO Allen Questrom succeed Engibous. Questrom has said that he will consider returning if he approves of the department store’s next CEO.

eVestment previously reported that Ackman has expressed regret in picking Ron Johnson as CEO in an attempt to turn around the struggling retailer. Ackman said that Johnson has made “big mistakes” which had a “disastrous” impact on JC Penney.

Founded in 2004, New York-based Pershing Square manages $10 billion in assets.

 

 

 

Read More Industry News >


Want to subscribe?

Join 15,000+ of your colleagues to receive daily hedge fund news from the definitive source in traditional and hedge fund data.

Subscribe Now


Hedge Fund Journal Reviews eVestment's Hedge Fund Database

July, 2012

Read More