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UPDATE: Ackman says JCPenney (JCP) will restart coupon circulars in newspapers

April 11, 2013 2:02 PM EDT
(Updated - April 11, 2013 2:14 PM EDT)

Pershing Square's Bill Ackman says JCPenney (NYSE: JCP) will restart coupon circulars in newspapers.

Ackman also noted that the "physical presence" of a CEO is crucial to a turnaround and that the lack of a physical presence was a weak point for Johnson.

He noted that hiring someone who always succeeded can be an issue, but that Johnson had the right vision for the future of Penney.

Ackman also said that it is challenging to find an executive that has visionary and the ability to execute. JCPenney needed an executive to calm the vendors.

Ackman is issuing comments at a real estate conference Thursday. Shares of JCPenney are up over 4.5 percent on the session Thursday.


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William Ackman, Pershing Square Capital