Activist shareholder pushes Penney's on CEO search

J.C. Penney's largest shareholder William Ackman is pushing the retailer's board of directors to find a permanent CEO to replace interim chief Myron Ullman. Ackman, whose lobbying led to the hiring of former CEO Ron Johnson in 2011, said in a letter aired on CNBC this week that the retailer should find a permanent CEO within 30 to 45 days, but members of the board have been reluctant to heed his suggestions.

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