JC Penney's Chair Engibous Issues Statement, Says Board 'Focused on Stabilizing, Rejuvenating Business,' Calls Ackman Comments 'Misleading, Inaccurate, Counterproductive'

Thomas Engibous, Chairman of the Board of Directors of J. C. Penney Company, Inc.

, 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."