PLANO, Texas • William Ackman has resigned from J.C. Penney Co.’s board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store operator.
Ackman’s departure could provide some relief from a battle that became a distraction while Penney has been working to fix its ailing business. But investors pushed shares down in morning trading as they focused on Penney’s long-term struggle to turn business around.
The announcement follows stat...
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