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Ullman out as JCP CEO

12:00 PM ET Thu, 8 Aug 2013

The FMHR traders and CNBC's Courtney Reagan discuss news of Mike Ullman being ousted as JC Penney's CEO. Bill Ackman made comments to JC Penney stating frustration with the company's search. He expects a new CEO to be in place within 45 days. Liz Dunn, Macquarie Capital, weighs in.