Activist investor and J.C. Penney independent director Bill Ackman is "an angry guy" responsible for tanking the company's stock, management expert Jeffrey Sonnenfeld said Friday, a day after all hell broke loose in the retailer's boardroom.
In a letter to Penney's board on Thursday, Ackman—whose Pershing Square Capital Management is also one of the retailer's biggest investors—voiced frustration that the process to fill the CEO job permanently has not advanced quickly enough.
In a subsequent letter Friday, Ackman demanded the company's board meet as soon as possible and that Chairman Tom Engibous be replaced. The company had no immediate comment on that latest demand.
(Read more: Ackman's latest letter)
Ackman's campaign received some support Friday afternoon, with reports that Penney shareholder Perry Capital also planned to demand an immediate CEO change.