With the hedge-fund manager Bill Ackman having resigned from J. C. Penney’s board of directors on Tuesday, we can now declare the end of his extraordinarily unsuccessful attempt to reinvent Penney. It was months in the making: Penney’s board fired Ackman’s handpicked C.E.O., the former Apple retail head Ron Johnson, back in April. But Ackman, who still owns more than seventeen per cent of the company, had stayed on the board after Johnson’s departure, and still seemed to harbor hopes of remaking the company. The debacle at Penney is now prompting people to look more skeptically at Ackman, who manages Pershing Square Capital, and that’s fitting. But it should also make us skeptical, in general, of one of the more dubious trends in today’s market: money managers who also fancy themselves corporate visionaries.
