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J.C. Penney (JCP) Saga Takes Another Turn as Ackman's Enemies Make Moves

August 12, 2013 3:51 PM EDT
In the latest update on the J.C. Penney (NYSE: JCP) saga, Bloomberg reported that investors Soros Fund Management and Glenview Capital Management support current Chairman Tom Engibous and Chief Executive Officer Mike Ullman. According to the latest data, Soros owns 7.9% of J.C. Penney stock and Glenview owns 4.3%.

The news follows calls for new leadership from hedge fund manager Bill Ackman of Pershing Square last week. In an open letter, he criticized J C. Penney's board of directors, calling it dysfunctional. In response, critics called Ackman's actions "reckless."

Interestingly, Soros recently clashed with Ackman in Herbalife (NYSE: HLF), a company Ackman is short, telling CNBC it was one of his largest positions. This time, however, they are on the same side of the trade, though Soros and Ackman obviously disagree on the direction of leadership.

Ackman and Perry Capital want a 'dream team' with Ken Hicks as CEO and Allen Questrom as Chairman. Ackman's enemies want him off the board, a change that could discredit the hedge fund manager.


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General News, Hedge Funds, Management Changes, Trader Talk

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William Ackman, Pershing Square Capital, Glenview Capital Management, Soros Fund Management, Hedge Funds, Perry Capital