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JCPenney adds Ackman, Roth to board
25
Jan '11
J. C. Penney Company Inc announced that its Board of Directors agrees to name William A. Ackman, founder and CEO of Pershing Square Capital Management, and Steven Roth, chairman of the board of Vornado Realty Trust, as directors.

They are expected to be elected by the time of the Company's Board of Directors meeting on Feb. 22, 2011, which would expand the size of the Board from 11 to 13 members. The Board also expects to appoint an additional director in the near future.

Pershing Square and Vornado are among the Company's largest shareholders and Mr. Ackman and Mr. Roth have expertise in areas of relevance to JCPenney's business.

Myron E. (Mike) Ullman, III, chairman and chief executive officer of JCPenney, said, "We welcome Bill and Steve to the Board. They share our passion for operational excellence and are committed to enhancing value for all of the Company's shareholders. We look forward to benefitting from their expertise."

William A. Ackman, 44, is the founder and CEO of Pershing Square, which has invested in retailers including Sears Holdings, Target Corp., and McDonald's, among others, consumer brand companies including Fortune Brands and Kraft Foods, and real estate companies including shopping mall owner General Growth Properties, where Mr. Ackman recently served as a director. He is currently chairman of the Howard Hughes Corporation, a real estate development company, which was spun off of General Growth Properties in November of 2010.

Steven Roth, 69, is chairman of the board of Vornado, where he served as CEO from 1981 to 2009. In addition to his deep experience in real estate, throughout the course of his career Mr. Roth has invested in retailers, including Toys"R"Us, Alexander's, McDonald's, Sears Holdings Corp. and Sears Canada Inc. Mr. Roth is Chairman and CEO of Alexander's Inc., a REIT investing in New York properties, and Managing General Partner at Interstate Properties.

J. C. Penney Company Inc

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