Starbucks CEO Howard Schultz had choice words Friday for J.C. Penney's largest shareholder, Bill Ackman, and his very public campaign to replace the retailer's CEO and chairman of the board.
"What, I think, we all witnessed over the last 24 hours is such a despicable act; something so irresponsible that a board member of an existing public company would release and leak an email without sharing it with the board or the CEO is beyond comprehension," Schultz told CNBC's "Closing Bell."
He was referring to a three-page letter released by Ackman late Thursday, in which the activist investor urged J.C. Penney's board to replace Chairman Thomas Engibous.