NEW YORK — A fight broke out Thursday as a prominent J.C. Penney investor urged the company to find a replacement for interim CEO Mike Ullman, and the company’s chairman stood by Ullman.
Penney’s shares jumped about 7 percent on a media report that investor and Penney board member William Ackman is pushing the board to speed up the process of finding a permanent replacement for Ullman.
Ullman, who had been J.C. Penney’s CEO from 2004 to 2011, took back the reins in April when Penney CEO Ron Johnson was ousted after 17 months after his radical makeover of the chain failed to boost results.
Analysts had expected Ullman’s reign the second time around would be transitional until Penney hired a replacement, but Ackman made public a letter Thursday saying the replacement hunt has been too slow.
Penney’s board fired back late Thursday, saying Ullman was “the right person to rebuild the company.” Chairman Thomas Engibous said the company “has made significant progress” since Ullman returned.
