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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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      "kind": "callout",
      "text": "Mike Ullman replaced Questrom as CEO in 2005",
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      "text": "Under Ullman, JCP failed to right size its uncompetitive cost structure despite a severe consumer recession\nInvested >$1bn to expand the off-mall store base with inadequate return on capital\nSales track record of new products was mixed:",
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      "text": "Success: Sephora\nModerate Success: Liz Claiborne\nFailure: American Living",
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      "kind": "title",
      "text": "Late 2000s: Core Problems Remain",
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