Bill Ackman finally stepped down from the JC Penny board today, and all I can think is that the JCP board continues to be weird.
This company is all over the place and can’t figure out its long term strategy. They didn’t give Johnson enough time to let his plan play out, and now they’re back to where they started.
Even if Johnson’s plan didn’t work, at least they would have tried to do something novel. It seems like they aren’t even trying anymore.
Just throw in the towel already, JCP. Let Macy’s and Kohls win.