Tuesday, 2 September 2014
Last updated 16 min ago
Aug 12 2013 | 12:30pm ET
Pershing Square Capital Management's William Ackman has won a much-needed ally in his battle with J.C. Penney Co., as the retailer's board considers taking action against him in the wake of his public call for the ouster of both its chairman and interim CEO.
Hedge fund Perry Capital on Friday announced that it had taken a 7.3% stake in Penney's and pushed the company to overhaul its management. The news comes on the same day that Ackman, who sits on Penney's board and whose hedge fund owns 18% of the company, demanded a fast-track process to replace CEO Myron Ullman and said that he had found a replacement for Chairman Thomas Engibous, former Penney's CEO Allen Questrom.
Perry said in a letter Friday to the Penney's board that he supports Ackman's push for Questrom, and that it should hire Foot Locker CEO Ken Hicks as its next chief.
The rest of the Penney's board is furious at Ackman, who handpicked the company’s last CEO, former Apple Inc. marketing executive Ron Johnson, who proved a failure. Engibous called Ackman's moves "disruptive and counterproductive."
The board is considering taking action against its fellow director, meeting by phone yesterday afternoon. Ackman's actions have made him a "rogue" director, the board believes, but it is unclear they can do anything about it.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...