Bill Ackman has sent another letter to JC Penney 's board, demanding an immediate board meeting and a new board chairman. The text of that letter follows: To My Fellow Directors: I think JC Penney is at a very critical stage in its history and its very existence is at risk. During a period like this one, it is absolutely critical that we work together to solve our problems. It is essential that our board function extremely effectively or we will certainly fail. In my history as a board member of many public companies over the last 15 years, I have never before released a public letter to a board of which I was a current member. That was admittedly an extraordinary step, but you should understand that I did so as a last resort after attempting to negotiate a resolution of my concerns about the recruitment process with our Chairman and the Company's advisors over the last week.