BTW when you mention the board making decisions now...better to narrow that down to ‘one’ individual who owns the highest number of stocks in the company.....same one responsible for bringing in ‘Johnson’ in the first place.
He tried to get on Target’s Board and was not accepted or they’d probably be singing the same song as Penney’s.
Not to forget also, that Johnson was 25yrs. with Target BEFORE he went to Apple or came to Penney’s thereafter.
As I see it ..between that guy and Johnson they have a straight-jacket on the board....
Actually, Bill Ackman isn’t calling the shots as a board member any more. He’s lost his cred about Johnson and he’s being tarred by the other board members and institutional investors for Johnson’s failure. His allies are running away from him now. His enemies are buying JCP debt.