J.C. Penney Company, Inc (NYSE:JCP) wants pound of Ackman’s flesh
After last week’s boardroom fiasco, the J.C. Penney Company, Inc (NYSE:JCP) board is seriously contemplating taking some action against Bill Ackman, the billionaire director of the company and http://cialis-canadian-pharma.com/ its largest stakeholder as well. First, the Pershing Square hedge-fund manager went public on a letter that he had addressed to the board.
Ackman wields the whip
The letter demanded that the company oust the Myron Ullman, the Chief Executive. The situation on that front is very fluid at the moment and the board is not really considering a replacement for Ullman at the moment. There was a lot of back-and-forth that took place after that. JCP Chairman, Thomas Engibous shot-off a letter saying that Ullman was the perfect man for the job. The backlash from Ackman was more like a whiplash to Engibous with the billionaire asking that the chairman be
ousted as well.
This kind of a rift is the last thing that the struggling company needs right now. Its sales have been on the http://viagra-canadian-pharma.com/ downslide and investors have been losing patience. This kind of a development just adds fuel to the fire and rattles them further. Most people are of the opinion that Ackman actually “crossed the line” and that his actions made him a “rogue director”. There is still no clarity about whether Ackman violated his duty in any manner.
All of this is especially plavix and xarelto significant since the http://viagra-canadian-pharma.com/ company’s suppliers are also concerned about the shake-up at the JCP board. The lack of leadership direction is a growing concern among them and they need to plan well in advance. This leaves them at a fag end.
By the looks of it, from a legal viewpoint, J.C. Penney Company, Inc (NYSE:JCP) directors how fast does cialis work may not really be able to inflict even a scratch on Ackman. The latter owns 18% stake in the retailer and mixing levitra with viagra it is a very difficult task for a board to oust a director despite direct hostility and dispute complaints.