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Breaking News from CNBC's David Faber: Perry Capital Asks J.C. Penney Board to Replace CEO Ullman - Sources

Friday, 9 Aug 2013 | 1:09 PM ET

WHEN: TODAY, AUGUST 9TH

WHERE: CNBC'S "FAST MONEY HALFTIME REPORT"

Following is the unofficial transcript of breaking news from CNBC's David Faber. All references must be sourced to CNBC.

DAVID FABER: PERRY CAPITAL,WHICH IS A VERY LARGE SHAREHOLDER OF J.C. PENNEY SHARES, AT ABOUT A 7.3%POSITION IS GOING TO FILE A 13-D LATER TODAY ASKING THE COMPANY TO IMMEDIATELY MOVE TO REPLACE MIKE ULLMAN AS INTERIM CEO WITH, IF THEY ARE AVAILABLE, ALLEN QUESTROM AS CHAIRMAN OF THE BOARD AND KEN HICKS AS CEO. OF COURSE I KNOW AS YOU HAVE BEEN REPORTING, THERE IS A BELIEF FROM THE PARTS OF SOME SHAREHOLDERS,NAMELY MR. ACKMAN, THAT THEY MAY BE AVAILABLE FOR THAT APPOINTMENT. BUT WHAT YOU HAVE HERE IS MORE DEVELOPMENTS OF LARGE SHAREHOLDERS TRYING TO SEE IF THEY CAN INFLUENCE THE BOARD OF DIRECTORS THAT APPEARS TO WANT TO TAKE ITS TIME WITH FINDING A PERMANENT CEO AND TIME PERHAPS IS SOMETHING THEY DO NOT HAVE A LOT OF AT THIS POINT, SCOTT. SO AGAIN, PERRY CAPITAL IN A BOTH LETTER TO THE BOARD OF DIRECTORS AND IN A 13-D THAT WILL BE FILED LATER TODAY, WILL REPORT ABOUT A7.3% STAKE IN THE COMPANY AND ADD ITS VOICE TO THOSE ASKING FOR THE REPLACEMENT OF MR. ULLMAN AS SOON AS IS HUMANLY POSSIBLE.


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