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Sure, JCPenney may be a sinking ship, but Bill Ackman is
sticking around to bail it out. The New
York hedge-fund tycoon is expected to stay put as JCPenney’s biggest investor, with
a nearly 18 percent stake, and back the retailer’s scramble to repair the
damage done by ousted CEO Ron Johnson, sources told The Post.
That’s despite the fact that it was Ackman who installed
Johnson at the helm of the company 17 months ago with an ambitious but doomed
plan to overhaul the aging department-store chain.
“The priority right now is stabilizing the company and
finding a permanent CEO,” according to an insider close to the situation,
adding that Ackman appeared to be playing a key role in the process….
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