Ackman says believes in JC Penney, new CEO

J.C. Penney Co Inc board member William Ackman said on Thursday that he still believes the retailer's shares are worth $75 each, instead of the $15 they trade at now.

Speaking at a luncheon in New York, Ackman also said the new chief executive, Myron Ullman, was "the right guy at the right time."

(Reporting by Martinne Geller in New York; Editing by Gary Hill)