JC Penney Board Acts: Ackman Out

Once and future CEO Mike Ullman will now have time to try to salvage the giant retailer. Full release here.

There are lessons aplenty in the last four years of the JC Penney saga. Lesson #1 is to never let a self-proclaimed financial genius get his hands on an actual business. Playing arbitrage to gain a few basis points on a quick investment turnaround is far different than managing employees, attracting customers, and rebuilding a brand.