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.