Hedge fund manager and activist shareholder William Ackman resigned from the J.C. Penney board of directors Monday. The retailer has named former Federated Department Stores executive Ronald Tysoe to replace him. The board also said it plans to appoint a second new member soon, and it voiced support for Chairman Thomas Engibous and interim CEO Myron Ullman, both of whom Ackman said should be replaced.

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