Remember Pershing Square’s ill-fated tryst with J.C. Penney? To Bill Ackman, it feels like just yesterday or, to be more precise, yesterday feels an awful lot like that time he was going to turn around a struggling business by joining its board and shit-canning its CEO and losing a billion dollars, give or take a few hundred million, shedding a few tears over it in the process. And if it doesn’t, the New York Post would like to remind him that it should.
The Valeant Pharmaceuticals nightmare that is occurring for Bill Ackman probably feels like a flashback to his last foray into taking charge of a major public company….
In August 2013, Ackman had enough and quit the JCPenney board. The grand experiment cost the New York-based fund more than $700 million in paper losses at that time. And, guess what — Ullman replaced Johnson as Penney’s CEO.