Vornado CEO Exits Penney’s Board

Steven Roth has resigned from the J.C. Penney Co. Inc. board, and plans to sell its 6.1 percent stake in the retailer.

Steven Roth, the chief executive officer of Vornado Realty Trust, has resigned from the board of J.C. Penney Co. Inc., according to a regulatory filing with the Securities and Exchange Commission.

The regulatory filing, a Form 13-D, made on Friday, also said that Vornado expects to “exit their investment in [Penney’s] in the not-too-distant future.”

According to the filing, Vornado holds a 6.1 percent stake in Penney’s, or 13.4 million shares.

Vornado sold 40 percent of its 9.9 percent stake in the retailer earlier this year, shortly after the company posted dismal fourth-quarter and full-year earnings.

Roth’s exit follows that of William Ackman of Pershing Square Capital Management. Ackman, following a dispute with Penney’s board, resigned his position and then sold his stake in the retailer as well.