By  on August 9, 2013

Shares of J.C. Penney Co. Inc. on Friday continued their downward slide as investors digested the latest battle between William Ackman of Pershing Square Capital Management, the retailer's largest shareholder, and his call for the ouster of retailer's chairman.

In Friday's missive to Penney's board, Ackman wrote: "The board must be led by a chairman who is unbiased, can make decisions without regard to personal relationships, and focused only on what is best for the corporation.

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