J.C. Penney CFO Edward Record steps down

J.C. Penney announced Monday that its Chief Financial Officer Edward Record will be leaving the struggling department store to “pursue other interests.”

Record will stay on as an adviser during the transition until August 7, and Andrew Drexler, a senior vice president a chief accounting officer, will replace him in the interim, according to a press release.

J.C. Penney has been fighting to survive the industry-wide slump hitting large retailers like Sears and Macy’s. Record started in 2014, the company reported, and under his leadership the company retired more than $1.4 billion in debt.

"I've had a very rewarding experience at J.C. Penney, and am proud of the work we have undertaken to strengthen the company's financial condition,” Record said. “J.C. Penney is well positioned for the future, and I will continue to follow the company closely as the team builds on the positive momentum it has experienced over the last few years.”

The department store suffered a weak first quarter, with a net loss of $180 million, sales falling by 3.5% and stocks slipping by 12%. The company announced it would close 138 stores, but a sudden influx of customers have allowed them to delay the closures until July 31.

At midday, J.C. Penney stock was trading at $4.59 a share, up about 2.5%.

CEO Mark Ellison said Record’s departures was timed to coincide with improved second-quarter performance and that more information would be coming August 11.

 

© 2017 USA TODAY


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