Reuters: Hot Stocks: UPDATE 1-J.C. Penney looks for CEO as Ackman wants one quickly -CNBC

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UPDATE 1-J.C. Penney looks for CEO as Ackman wants one quickly -CNBC Aug 8th 2013, 16:45 Thu Aug 8, 2013 12:45pm EDT (Adds background details, stock activity) Aug 8 (Reuters) - J.C. Penney Co Inc has started to look for a new chief executive officer as top investor Bill Ackman wants one named within 30 to 45 days, CNBC reported on Thursday. Ackman, frustrated that the search for a new CEO has not gone fast enough, also said former Penney CEO Allen Questrom had agreed to rejoin the company as its chairman, CNBC reported. CNBC later reported that Questrom said he would consider becoming chairman under the right conditions, would not come back to Penney in a hostile situation and that his return would be largely dependent on the new CEO. Shares of J.C. Penney jumped 6.5 percent to $13.64. Penney brought back former CEO Myron "Mike" Ullman in April as interim CEO when it pushed out CEO Ron Johnson, whose attempt to eliminate coupons led to massive sales declines. Ullman was Penney's CEO from 2004 to 2011 before being replaced by Johnson, whose decision to focus on "everyday low pricing" was blamed for a 25 percent drop in sales in 2012. Questrom was Penney's CEO from 2000 to 2004. In March, he told CNBC that Johnson was "delusional" and said the board had to take immediate action. Weeks later, Johnson was replaced. J.C. Penney, Ackman and Questrom could not immediately be reached for comment. (Reporting by Jessica Wohl in Chicago; Editing by Maureen Bavdek) Link this Share this Digg this Email Reprints

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