Ackman Defends JCPenney's (JCP) Strategy, 'Very Comfortable' with Johnson Handling Marketing
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Bloomberg reporting Bill Ackman of Pershing Square Capital made some comments related to JCPenney (NYSE: JCP) following news the company's Chief Merchandising Officer Francis has left the company. The comments come from a telephone interview.
Ackman admitted the retailers marketing strategy "wasn't working," but said he believes 100 percent in JCPenney's strategy. Ackman said he is "very comfortable" with Ron Johnson handling the marketing. The money manager believes recent advertisements did not reach the company's core customer.
Shares of JCPenney have tumbled nearly 10 percent Tuesday morning following the exec departure. The stock last traded at $21.94 and does not seem to bouncing following Ackman's reassuring comments.
Ackman admitted the retailers marketing strategy "wasn't working," but said he believes 100 percent in JCPenney's strategy. Ackman said he is "very comfortable" with Ron Johnson handling the marketing. The money manager believes recent advertisements did not reach the company's core customer.
Shares of JCPenney have tumbled nearly 10 percent Tuesday morning following the exec departure. The stock last traded at $21.94 and does not seem to bouncing following Ackman's reassuring comments.
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