The activist investor William A. Ackman has resigned from the board of J.C. Penney, the retailer said on Tuesday, days after starting an unusually public rebellion against his fellow directors.
In a statement, Penney said it had appointed Ronald W. Tysoe, a former vice chairman of Federated Department Stores. It plans to name another director in the near future.
The resignation of Mr. Ackman, whose Pershing Square Capital Management is the retailer's biggest investor with a 17.7 percent stake, ends a surprising fight over the top leadership. The hedge fund manager publicly disclosed two letters that he had sent to fellow directors, ultimately calling for the departures of the interim chief executive, Myron E. Ullman III, and the chairman, Thomas J. Engibous.
In its statement, the board reiterated its support for both men.
"During my time on the J.C. Penney board of directors, I have always advocated for what I believe to be in the best interests of the company - its stockholders, employees and others," Mr. Ackman said in a statement. "At this time, I believe that the addition of two new directors and my stepping down from the Board is the most constructive way forward for J.C. Penney and all other parties involved."
Penney had actually been interviewing Mr. Tysoe for several weeks, before Mr. Ackman began his insurrection at the board, according to a person briefed on the matter. Mr. Tysoe spoke with several retail directors at the company's headquarters in Plano, Tex., on July 22, though Mr. Ackman had not expressed interest in meeting with him, this person added.
