Bill Ackman Resigns From J.C. Penney Board, Company Announces New Directors, Shares Rise (JCP)

The drama at embattled retailer J.C. Penney (NYSE: JCP ) came to a swift conclusion Tuesday morning as activist investor Bill Ackman of Pershing Square Capital Management resigned from the company's board. Ackman owns about 17.7 percent of the shares in J.C. Penney. In a statement issued by the company, the