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.

"In recent weeks, our board has ceased to function effectively," he wrote.

He detailed some of the steps that interim chief executive officer Myron "Mike" Ullman 3rd has taken since replacing former ceo Ron Johnson, and even noted that he didn't know of Debra Berman's hiring as the new marketing chief.

"Imagine my surprise when I learned of Ms. Berman's hiring from a press release on my Bloomberg machine," Ackman wrote.

RELATED CONTENT: Boardroom Battle at J.C. Penney Over CEO >>

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