Vornado to Exit J.C. Penney Investment

Vornado Realty Trust's CEO Steven Roth resigned from J.C. Penney's board of directors recently as he prepares to sell off his company's stake in the department store chain, Bloomberg reports.

Roth said he plans to sell the shares in the "not too distant" future. He has served on the board of directors since early 2011.

Vornado already disposed of almost half of its shares in J.C. Penney this March, at a loss of $97 million.