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Thomas Engibous, Chairman of the Board of
Directors of J. C. Penney Company, Inc.
JCP, today issued the
following statement:
"The Board is focused on the important work of stabilizing and rejuvenating
the business. It is following proper governance procedures, and members of the
Board have been fully informed and are making decisions as a group. This
includes the CEO search process, which is being conducted at an appropriate
pace. The Board also continues to actively oversee management as it conducts
the important work underway to rebuild the Company.
Mr. Ackman's statements are misleading, inaccurate and counterproductive."
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