JCPenney Board Plays Russian Roulette Succession
Recently a fight broke out among the board of JCPenney about the retail giant’s future and who should lead it. Hedge fund activist Bill Ackman wants the board to find a long-term replacement for Mike Ullman, who was brought back from retirement after the board fired former Apple marketing executive Ron Johnson last Spring. The retail giant, still tumbling from earlier management shake-ups, now faces a gun-to-our head succession process. The outcome will not be pretty.