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 board that 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 investment.
According to various reports, Ackman left after members of the board refused to go along with his wishes to hastily replace CEO Myron Ullman, who was brought in on an temporary basis earlier this year to undo the damage done by Ron Johnson's new sales strategies. Apparently, after giving in to Ackman on the CEO issue previously and getting burned, the board of directors wasn't willing to give him another chance to find the right permanent CEO for J.C. Penney.