In a shocking turn of events, Bill Ackman resigned from J. C. Penney Company Inc. 's ( JCP ) board effective Aug 12, 2013. This comes few days after Ackman's much criticized public outcry against the board and it's functioning. Shares of J. C. Penney rose during the premarket trading. Ronald W. Tysoe, former Vice Chairman of Federated Department Stores Inc., now Macy's Inc. ( M ), has taken over the position. The company stated that it will also be naming another director shortly. Last week, Ackman in a letter to the company's board, which he also made public, accused the board of a slow approach to finding the new CEO. Concurrently, Ackman demanded the ouster of the interim CEO Mike Ullman and Chairman Tom Engibous. Alongside, he urged the board to find a suitable CEO within 30 to 45 days. He further criticized Ullman for taking several decisions without consulting the entire board.