Ackman Wins J.C. Penney Ally in Perry Amid Management Fight

Bill Ackman won an ally in hedge fund Perry Capital LLC in his efforts to oust J.C. Penney Co. Chairman Tom Engibous and Chief Executive Officer Mike Ullman.

Perry today reported a 7.3 percent stake in the retailer and echoed Ackman’s comments that the board should seek to quickly overhaul its management. The board isn’t functioning effectively, major personnel decisions are being made without the advice of all directors and important financial information is being withheld, Ackman, whose Pershing Square Capital Management LP is the company’s largest shareholder, said in a separate letter to fellow board members today.