Aug 13 2013 | 11:37am ET
Pershing Square Capital Management chief William Ackman has resigned from J.C. Penney Co.'s board amidst a nasty spat with his fellow directors.
Penney's said it would add two new directors in conjunction with Ackman's exit from the board. In a statement, the hedge fund manager said 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 involved."
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