English Lessons

DIRECTIONS: Read the following and answer the questions?
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 Apple's head of retail operations Ron Johnson will become chief executive of J.C. Penney, the department store operator said Tuesday.

He will take the reins of company from Myron Ullman on Nov. 1, Penney said. Ullman, who has been CEO since 2004, will become executive chairman of the board.

Penney shares [JCP  35.66    5.55  (+18.43%)   ] rose 12.8 percent to $33.96 in morning trading.

Johnson joined Apple [AAPL  331.25    4.65  (+1.42%)   ] in January 2000 and has overseen the opening of 300 of the computer maker's popular stores. Before Apple, Johnson spent 15 years at big box discounter Target Corp as vice president of merchandise.

Penney suffered dramatic sales declines during the recession as its shoppers, more exposed to the weak economy than those of rival Macy's pulled back. Its sales have begun to recover but are still well below 2008 levels.

Billionaire investor William Ackman's Pershing Square Capital Management became Penney's largest shareholder in October when it bought 16.5 percent of shares.

Ackman had faulted Penney for lagging rivals such as Macy's [M  28.025    0.895  (+3.3%)   ] and Kohls [KSS  50.60    0.80  (+1.61%)   ] and not taking advantage of its household name. Penney quickly put in an anti-takeover poison pill to prevent him, or any other investor, from getting more than 20 percent of shares.

But in February, Penney gave him a spot on the board, along with Steven Roth, chairman of Vornado Realty Trust, which holds 8.7 percent of shares, and is Penney's third-largest shareholder.

Is the Billionaire investor William Ackman's Pershing Square Capital Management became Penney's largest shareholder in October when it bought 16.5 percent of shares?

A. TRUE
B. FALSE 

He will take the reins of company from Myron Ullman on Nov. 1, Penney said. Ullman, who has been CEO since 2004, will become executive chairman of the board?

A. TRUE
B. FALSE