Hedge firm seeks new leaders at J.C. Penney


PLANO, Texas — Perry Capital, the hedge-fund firm founded by Richard Perry, bought 7.3 percent of J.C. Penney Co. and asked the board to appoint a new chairman and chief executive officer, according to a letter sent to the company.

“We believe that immediately appointing Allen Questrom chairman of the board and Ken Hicks CEO is imperative at this juncture, and we anticipate that the company’s various constituents would be highly supportive of such a change,” Perry said in the one-page letter sent to the J.C. Penney board Friday.