By  on January 24, 2011

Activist investor William Ackman is no longer on the outside at J.C. Penney Co. Inc.

Penney’s said Ackman, chief executive officer of Pershing Square Capital Management, and Steven Roth, chairman of Vornado Realty Trust, will be joining its board in time for the Feb. 22 meeting, when directors will perform their annual review of the company’s capital structure. Ackman also won the right to nominate one more director, expanding the company’s board to 14.

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