Vornado Chairman Roth Resigns from JCP Board as Company Looks to Sell Stake
September 16, 2013,
NEW YORK-In another high-profile exit, Steven Roth, chairman of Vornado Realty Trust, has resigned from the J.C. Penney board of directors.
In addition, Vornado said in a filing with the U.S. Securities and Exchange Commission that Joseph Macnow, its executive vice president-finance and chief administrative officer, said "at a recent conference" that Vornado expects to sell its shares in the retailer "in the not-too-distant future." Vornado currently owns 13.4 million shares of J.C. Penney's common stock, about 6.1 percent of the outstanding shares.
The SEC filing said Vornado will review its investment in J.C. Penney on a regular basis, and would take action that it deems appropriate depending on the retailer's "financial position and strategic direction, actions taken by the board, price levels of the common shares, other investment opportunities available...market conditions and general economic and industry conditions."