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Concerns about Penney's performance helped to fuel a boardroom battle with Ackman in the past week. It ended when the hedge fund billionaire - who with his 18 percent stake is the largest Penney shareholder - agreed to step down from the board. People close to Ackman and the retailer said his decision to leave the board was necessary for Penney to focus on its operations and continue its look for a new CEO.
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