J.C. Penney Announces Changes to Board of Directors

J. C. Penney Company, Inc.

 ("the Company") today announced a series of actions related to its Board of Directors. First, William A. Ackman of Pershing Square Capital Management has resigned from the Board effective Aug. 12, 2013. The Company also announced that Ronald W. Tysoe, a highly respected retail industry executive who spent 16 years as Vice Chairman at Federated Department Stores Inc. (now Macy's, Inc.), has been elected to the Board also effective Aug. 12, 2013. In addition, the Board said that it intends to name another highly qualified new director in the near future. Thomas Engibous, Chairman of the Board of Directors, said, "The Company is extremely fortunate to have the benefit of Ron Tysoe's judgment and experience at this important time. His deep knowledge of the retail industry and his financial expertise will be invaluable to us as we continue the work underway to return J. C. Penney to profitability and growth. I would like to thank Bill Ackman for his service on the Board over the past two years." Mr. Ackman said, "During my time