Maybe they were cowed by Bill Ackman and Steven Roth, the two activists.

FORBES: J.C.Penney: Dear Activists, Thank You For This Mess

Robert K. Futterman's client list includes Donald Trump, Jorge Perez and Steven Roth.

FORBES: The 400 Richest Americans

Since 1995 Steven Roth, his Vornado Realty Trust REIT, and a private partnership he controls have owned 56% of the stock.

FORBES: Acreage plays

Jennifer insists that Vornado Chief Executive Steven Roth is supportive of her.

FORBES: Heir Waves

With hard-charging New Jersey bargain hunter Steven Roth at its helm, Vornado has been buying real estate on the cheap since the 1980s.

FORBES: Red Tag Sale on Blue-chip REITs

The directors include hedge fund manager Bill Ackman and Vornado Realty Trust CEO Steven Roth, the activists responsible for hiring Johnson in late 2011, according to The Wall Street Journal.

FORBES: J.C. Penney Board Said To Mull Sale; Wall St. Bull Slashes Outlook

Well, Steven Roth is master of them all.

FORBES: Magazine Article

Among the REITs acting as developers today are Reckson Associates and Carr America, both of which are constructing suburban office complexes, and Vornado Realty, led by hard-charging chief Steven Roth, who is completing a 1.4 million-square-foot tower to house Bloomberg LP in midtown Manhattan.

FORBES: On The Cover/Top Stories

Penney announced a slate of changes that include closing underperforming locations and said it will add Ackman and Steven Roth, chairman of Vornado Realty Trust, which disclosed a 9.9% stake in the retailer the same October day as Pershing, to its board.

FORBES: J.C. Penney Adds Vornado's Roth, Pershing's Ackman To Board