After resigning from J.C. Penney's board of directors earlier this week, over disagreements with other executives about how to turn around the struggling retailer, hedge fund investor Bill Ackman may be planning a permanent exit. Fox Business reports that Ackman signed an agreement with the boardthat would allow him to sell his stock in the company. The media outlet estimates that if Ackman were to sell J.C. Penney's shares at their current price, he would lose approximately $300 million on his .
According to various reports, Ackman left aftermembers of the board refused to go along with his wishes to hastilyreplace CEO Myron Ullman, who was brought in on an temporary basis earlier thisyear toundo the damage done byRon Johnson's newsales strategies. Apparently, after giving in to Ackman on theCEO issuepreviously and getting burned, the boardof directors wasn't willing to give him another chance to findthe right permanent CEO for J.C. Penney.