Penney's board member Steven Roth resigns

NEW YORK (AP) — Steven Roth, the chairman and CEO of Vornado Realty Trust, has resigned from J.C. Penney's board, days after the real estate company told investors it planned to sell all of its stake in the struggling department store chain.

Vornado, which owns and manages commercial real estate such as office buildings and malls, sold more than 40 percent of its shares in Penney in March, a month before the department store chain fired its CEO Ron Johnson who had spearheaded a botched turnaround. Vornado still holds 13.4 million shares, or 6.1 percent, of Penney's stock.

The move comes about a month after William Ackman of Pershing Square Capital Management — and Penney's largest shareholder — resigned from the board and sold its stake as part of a deal with Penney.

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