J.C. Penney Co. (JCP) said Chief Financial Officer Ken Hannah will step down and be replaced by Ed Record, a former finance chief at Houston-based retailer Stage Stores.
Record, 45, has almost 25 years of experience managing the financial and operational performance at retailers, J.C. Penney said in a statement. Hannah will stay until March 24, when Record takes over, to ensure a smooth transition, the Plano, Texas-based company said, without providing a reason for his departure.
Chief Executive Officer Mike Ullman, who returned to the money-losing department-store chain in April, has been intensifying efforts to revive the company this year, with plans to close 33 stores and eliminate about 2,000 jobs.
Hannah came to J.C. Penney in May 2012 under former CEO Ron Johnson, who stepped down last year after his plan to transform the company into a more upscale retailer failed.
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