Ackman With $700 Million Loss Quits J.C. Penney’s Board

Bill Ackman resigned from J.C. Penney Co.’s board after sparring publicly with fellow directors over how to reverse the sales slump that’s dragged down the stock and left him with more than $700 million in potential losses on his stake in the department-store chain.

Ronald Tysoe, a former vice chairman of Federated Department Stores Inc., now Macy’s Inc., was named to the board and another director will be added in the “near future,” the Plano, Texas-based company said in a statement today.