J.C. Penney says Bill Ackman resigns from board

http://www.reuters.com/article/2013/08/13/us-jcpenney-ackman-idUSBRE97C0AI20130813

J.C. Penney Co Inc said activist investor Bill Ackman, who has been pressuring the struggling department store operator to oust its chairman and chief executive, has resigned from the board.
The company's shares, which have lost a third of their value this year, rose as much as 4 percent in premarket trading.
Ackman, whose Pershing Square Capital Management owns about 18 percent of J.C. Penney, has been embroiled in a public battle with the retailer after he aired his concerns about the course of the company and the performance of its top management.
Ackman has demanded the ouster of Chairman Thomas Engibous and the replacement of interim Chief Executive Myron Ullman.
"At this time, I believe that the addition of two new directors and my stepping down from the board is the most constructive way forward for J.C. Penney and all other parties involved," Ackman