Pershing Square Management, the leading shareholder in J.C. Penney, is selling its 17.7 percent stake in the company in the wake of its founder’s resignation from the board this month.
Pershing Square Management’s intention to sell the 39.1 million shares was announced in an Aug. 27 Securities and Exchange Commission filing.
Company founder William Ackman was a booster of Penney’s former CEO Ron Johnson. He waged an unusually public and ultimately unsuccessful battle to replace the current chairman and CEO at the start of August. Afterward, Ackman stepped down from the board.