Outspoken board member and J.C. Penney investor Bill Ackman called it quits on Tuesday, (Aug. 13), as he suddenly resigned from the board.
Ackman released this statement: "At this time, I believe that the addition of two new directors and my stepping down from the board is the most constructive way forward for J.C. Penney and all other parties involved."
Replacing Ackman on the board will be Ronald Tysoe, former vice chairman of Federated Department stores, which is now Macy's, along with "another highly qualified new director in the near future," according to the corporate press release.
Ackman’s action comes just days after he went public a letter to other board members that the time had come to replace interim CEO Mike Ullman.
Ackman, still owns an 18% stake in Penney's.
Shares of J.C. Penney were trading heavily falling 2.5% in the morning session priced at $12.84. In the past 52-weeks the share price has ranged from $12.34 to $32.55.