J.C. Penney Shares Surge As Ackman Calls Search For New CEO

Shares of J.C. Pennery JCP surged Thursday by about 6 percent as an investor letter from Bill Ackman showed that he is pushing for the firm to find a new CEO. Ackman claims that a new CEO will be in place in the next 30-45 days.

Also, Ackman claims that J.C. Penney's former CEO, Allen Questrom, has apparently agreed to return to the firm as Chairman. CNBC's Becky Quick reported that Questrom would onyl return under the right conditions.

Shares of J.C. Penney rose 6.25 percent to $13.60 on the news.