Vornado’s Roth resigns from J.C. Penney board

New York /
Sep.September 13, 2013 04:10 PM

Vornado Realty Trust’s CEO Steven Roth has resigned from J.C. Penney’s board of directors, a move that has been long anticipated as the real estate investment trust looks to get rid of its stake in the struggling retailer. Vornado sold off about 40 percent of its 9.9 percent interest in J.C. Penney at a loss earlier this year, leaving it with a 6.1 percent stake.

Joseph Macnow, chief administrative officer of Vornado, said at a recent conference that the REIT expected to exit J.C. Penny altogether “in the not-too-distant future,” the company noted in a statement today.

Recently, activist investor Bill Ackman of Pershing Square Capital was forced out of the J.C. Penney board and then sold his entire 18 percent stake in the company, incurring heavy losses of about $470 million.

The losses Vornado incurred due to its J.C. Penney investment were thought to have contributed to then-CEO Michael Fascitelli’s departure earlier this year, as The Real Deal reported. — Hiten Samtani


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Nearly half of new shops in 2021 will be dollar stores. (Getty)
2021 is raining dollar stores
2021 is raining dollar stores
National chains and mom-and-pop stores are seeing increasing sales per square foot and shrinking occupancy costs (Getty)
National chains paid 93% of rent in April
National chains paid 93% of rent in April
(RIPCO, iStock)
Target, Five Below, Smashburger open in new Brooklyn shopping center
Target, Five Below, Smashburger open in new Brooklyn shopping center
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
Vornado’s Steve Roth with Penn1, Penn 2 and the Farley Building (Getty, VNO)
Vornado’s Roth “disappointed” in lack of distress as market shows signs of recovery
Vornado’s Roth “disappointed” in lack of distress as market shows signs of recovery
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...