JC Penney's Chair Engibous Issues Statement, Says Board 'Focused on Stabilizing, Rejuvenating Business,' Calls Ackman Comments 'Misleading, Inaccurate, Counterproductive'

Thomas Engibous, Chairman of the Board of Directors of J. C. Penney Company, Inc. (NYSE: JCP ), today issued the following statement: "The Board is focused on the important work of stabilizing and rejuvenating the business. It is following proper governance procedures, and members of the Board have been fully informed