Reuters: Hot Stocks: UPDATE 1-Ackman pushes for new chairman at J.C. Penney

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

50% off Print Subscription of USA Today Get the news delivered to your doorstep. Lock in the savings and receive USA Today for just $0.75 a day. From our sponsors

UPDATE 1-Ackman pushes for new chairman at J.C. Penney Aug 9th 2013, 15:17 Fri Aug 9, 2013 11:17am EDT Aug 9 (Reuters) - Bill Ackman, J.C. Penney Co Inc's top investor, fired back at the retailer's board on Friday, requesting that it meet as soon as possible so it can decide on matters including a new chairman. "I have lost confidence in our chairman's ability to oversee this board," Ackman said in the open letter. J.C. Penney officials were not immediately available to comment. The company's chairman, Thomas Engibous, could not immediately be reached. The three-page letter was released publicly the day after another private letter from Ackman to the board became public. In the earlier letter, Ackman expressed frustration at the slow pace of the search for a new CEO for the struggling department store chain. J.C. Penney shares were down 7.2 percent at $12.68 on the New York Stock Exchange. The company's credit default swaps also widened on Friday, in a sign that the market believes the chance of a default has increased. (Reporting by Martinne Geller in New York; Editing by Lisa Von Ahn)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions