J. C. Penney Company, Inc. : J. C. PENNEY ANNOUNCES CHANGES TO BOARD OF
Board Reaffirms its Support for CEO Myron Ullman and Chairman Thomas Engibous
Plano, Texas(August 13, 2013)-J. C. Penney Company, Inc. (NYSE: JCP)("the
Company") today announced a series of actions related to its Board of
Directors. First, William A. Ackman of Pershing Square Capital Management has
resigned from the Board effective Aug. 12, 2013.
The Company also announced that Ronald W. Tysoe, a highly respected retail
industry executive who spent 16 years as Vice Chairman at Federated Department
Stores Inc. (now Macy's, Inc.), has been elected to the Board also effective
Aug. 12, 2013. In addition, the Board said that it intends to name another
highly qualified new director in the near future.
Thomas Engibous, Chairman of the Board of Directors, said, "The Company is
extremely fortunate to have the benefit of Ron Tysoe's judgment and experience
at this important time. His deep knowledge of the retail industry and his
financial expertise will be invaluable to us as we continue the work underway
to return J. C. Penney to profitability and growth. I would like to thank Bill
Ackman for his service on the Board over the past two years."
Mr. Ackman said, "During my time on the J. C. Penney Board of Directors, I
have always advocated for what I believe to be in the best interests of the
Company - its stockholders, employees and others. 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
Mr. Tysoe said, "J. C. Penney is one of America's great companies, and I am
very happy to be joining the Board of Directors. I look forward to working
collaboratively with the rest of the Board and management to advance the
turnaround currently underway."
The Board today also reaffirmed its overwhelming support for Chief Executive
Officer Myron E. (Mike) Ullman, III and for Chairman Thomas Engibous, both of
whom have been working tirelessly to position the Company for future success.
This important work has included stabilizing the Company's operations and
financial position, restoring confidence among vendors, and taking steps to
get customers back into stores.
The Board expresses its deep appreciation for the efforts of the Company's
116,000 associates, who continue to provide outstanding service to J. C.
Penney's customers during the back-to-school season. It is also grateful to
the many vendors and other business partners, as well as stockholders, who
have taken the opportunity during the past week to express their confidence in
the Company's leadership and its current path.
Ronald W. Tysoe has over 20 years of retail, finance and real estate
investment industry experience. He served as a member of the Board of
Directors of Federated Department Stores Inc. from 1988 to 2005, as Vice
Chairman for Finance and Real Estate from 1990 to 2006, and as Chief Financial
Officer from 1990 to 1997.
Mr. Tysoe currently serves on the boards of the Canadian Imperial Bank of
Commerce (NYSE: CM), Scripps Networks Interactive (NYSE: SNI), Cintas
Corporation (NASDAQ: CTAS), and Taubman Centers, Inc. (NYSE: TCO). He received
his Bachelor of Commerce and Bachelor of Law degrees from the University of
For further information, contact:
Investor Relations: (972) 431.5500
Media Relations: (972) 431.3400
J. C. Penney Company, Inc. (NYSE: JCP), one of the nation's largest apparel
and home furnishing retailers, is dedicated to becoming America's preferred
retail destination for unmatched style, quality and value. Across 1,100 stores
and at jcp.com, customers will discover an inspiring shopping environment that
features the most sought after collection of private, national and exclusive
brands and attractions. For more information, please visit jcp.com.
This release may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements, which reflect the Company's current views of future events and
financial performance, involve known and unknown risks and uncertainties that
may cause the Company's actual results to be materially different from planned
or expected results. Those risks and uncertainties include, but are not
limited to, general economic conditions, including inflation, recession,
unemployment levels, consumer spending patterns, credit availability and debt
levels, changes in store traffic trends, the cost of goods, trade
restrictions, the impact of changes designed to transform our business,
customer acceptance of our new strategies, the impact of cost reduction
initiatives, implementation of new systems and platforms, changes in tariff,
freight and shipping rates, changes in the cost of fuel and other energy and
transportation costs, increases in wage and benefit costs, competition and
retail industry consolidations, interest rate fluctuations, dollar and other
currency valuations, the impact of weather conditions, risks associated with
war, an act of terrorism or pandemic, a systems failure and/or security breach
that results in the theft, transfer or unauthorized disclosure of customer,
employee or Company information and legal and regulatory proceedings. Please
refer to the Company's most recent Form 10-K and subsequent filings for a
further discussion of risks and uncertainties. Investors should take such
risks into account when making investment decisions. We do not undertake to
update these forward-looking statements as of any future date.
# # #
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: J. C. Penney Company, Inc. via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.