J.C. Penney Co Inc (NYSE:JCP) plans to give board seats to hedge fund Pershing Square Capital Management and Vornado Realty Trust (NYSE:VNO), months after they both purchased stakes in the retailer, the New York Times said, citing people with knowledge of the matter.

William Ackman of Pershing Square Capital and Steven Roth of Vornado Realty are expected to be named to J.C. Penney's board as soon as Monday, the New York Times said.

Pershing Square Capital had disclosed in October that it owned 16.5% stake in J.C. Penney, while Vornado Realty said that it had bought 9.9% stake.

A call from Reuters to J.C. Penney was not immediately returned.