HomeWorld Business Magazine, homeworldbusiness.com | The Newspaper For Housewares Decision Makers

Vornado's Steven Roth Resigns From JC Penney Board

Monday September 16th, 2013 - 9:50AM


Steven Roth, Vornado Realty Trust chairman and chief executive, resigned from the board of department store chain J.C. Penney Co Inc., on Friday, Sept. 13, Reuters reported.

Vornado, which owns 6.1% of Penney shares, said at an investor conference earlier this week that it planned to sell all of its 13.4 million Penney shares, the report continued. Vornado owns office buildings and retail properties in New York and Washington.

Roth had been on the board since early 2011. Vornado sold nearly half of its shares in JC Penney earlier this year, according to Reuters.

JC Penney shares ended 0.6% percent lower, at $13.82, on Friday.