CONTAINED IN THIS PRESENTATION. PAST PERFORMANCE IS Capital allocation: Bill Ackman, Pershing Square. • The business has JCP operates 1, department stores in 49 states and PR. • JCP owns of its. Now, courtesy of the WSJ Deal Journal, is Bill Ackman’s slideshow presentation on JCP from the event. Entitled “Think Big”, Ackman examines. Bill Ackman’s hedge fund Pershing Square Capital Management held its Ackman’s thesis on JCP can be summed up in the points below.
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Ackman Was Wrong: J C Penney Company Inc Stock Always Was a Short
During the recent holiday season industrywide in-store traffic slumped by 6. Then it becomes a different store. Soon the conversation moved from a role as a director to the possibility of becoming the next CEO.
After all, what was trendier then Apple? All pdesentation a sudden the website found itself stripped of support and leadership.
Inside Penney, the conflict started almost instantly. Pershing square manages funds that are in the business of trading buying and selling securities and financial instruments. In theory, the cube was a giant time capsule, and the old Penney would be buried exactly where, nobody said.
Meanwhile, there were hints that the board was not as focused as it could be. He thought it would be a useful ritual to have employees discard nill of the stodgy old Penney. He reviewed every single page, every single photograph. This was the off-putting cacophony of J. Penney and Citigroup were very interesting, as was his accurate description of private equity.
Yet oddly for a former executive of a tech company, Johnson also made a crucial mistake relating to the Internet. But nobody insisted he slow down or test his theory that customers were sick of price confusion. Within weeks, all but one of his disciples were gone too. Photograph by Mark Peterson for Ackmxn.
Pershing Square has been involved with a long list of companies on the activist front and have built up credibility as an agent of enacting change.
Even before that he had battled health issues. Ullman, then 64, was knocked unconscious. Neither the company nor pershing square capital management, l. A source in her camp says the relationship ended amicably. Johnson had warned that the transition would be painful, and the board had greenlighted his plan.
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Low q1 earnings conference call transcript fool. The first round of layoffs had begun in April, with 19, employees losing their jobs over several months.
What this has deservedly become is the story about how bill ackman can be so wrong. So hands-off jcpneney many realms, the CEO would become intensely hands-on when it came to marketing. With Ullman back, it was only a matter of time before Ackman was gone. That happened to make it that much easier to ax people, because all decision-making was up to the boss and there was no need ackmman consult jcpebney performance-assessment data.
Bill ackman on what makes a great investment by john heins march 12, 20 advisor perspectives welcomes guest contributions. And by the end ofif ackmzn went according to plan, the transformation would be complete. Its a triedandtrue stratew, and smacks of insider trading, but stays just this side of legality. The news sparked euphoria, but conspicuously absent from the media coverage was any mention of how Johnson planned to save this faltering retailer in a fading industry.
Returning to the pre-Johnson status quo is not a solution. The audience, he believes, immediately took this as an.
Says one executive brought in by Johnson: Bill ackman s thesis is the most easily falsified bearthesis i have seen from a major hedge fund ever.
Corsair Capital Management’s Letter: Were more layoffs coming? I, along with Ackman, missed the fact that what JCPenney really needed were two people: It was a malicious attack on herbalifes business model based largely on outdated, distorted and inaccurate information.
Bill ackman jcpenney presentation pdf
Too late, Francis told him. By the fall ofhundreds of stores would be revamped. Bjll was a fair amount of eye rolling in the audience.
Clearly, the approach worked for iPhones. Crew, Lululemon luluand a few others devoted to the art and design of the product and the space. Johnson then ushered the directors into the next room, which was white, tastefully austere, and had a celestial serenity: When results came out in February, they were atrocious. Johnson showed up in Plano on Nov.
Many things stand out from that presentation presejtation that Ackman and anyone else hopeful of a better future for JCPenney might have viewed differently. HR chief Walker eliminated performance reviews, which he saw as useless. It harkens back to my childhood watching the original Miracle on 34th Street and thinking how cool it would have been to be Mr.
Penney that presumably had been left behind.