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  "documentTitle": "J.C. Penney Company, Inc. (JCP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2012-05-16 00:00:00",
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  "notes": "The chart shows JCP stock price performance under CEO W.R. Howell from 1983 to 1994.",
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      "text": "While the shift to apparel was initially successful, it created complexity that eventually overwhelmed JCP’s outdated infrastructure",
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      "text": "In the 1980s, in response to competition from emerging mass discounters like Wal-Mart, CEO W. R. Howell transitioned JCP from being a mass-merchant to an apparel-focused department store. While the shift to apparel was initially successful, it created complexity that eventually overwhelmed JCP's outdated infrastructure",
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      "text": "Source: Bloomberg",
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      "text": "Successful Transition to a Department Store",
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