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J.C. Penney’s CFO Ken Hannah to step down

RBR Staff Writer Published 14 February 2014

Struggling department chain J.C. Penney announced the exit of its chief financial officer Ken Hannah, who is being replaced by retail veteran Ed Record, effective 24 March.

Ken Hannah joined J.C. Penney in May 2012. However, the company did not divulge the reasons for Hannah's exit but said that he will continue on an interim basis to ensure a smooth transition.

Ed Record, who also has been named executive vice president of the company has nearly 25 years of experience managing the financial and operational performance of various retailers.

He worked for six years at Stage Stores, a Houston, Texas-based retailer, in operational and financial roles. Prior to that, Record served as senior vice president of finance at Kohl's.

Earlier this month, the Plano, Texas-based company reported a rise in sales during the holiday season with its first quarterly comps increase since 2011, partly reflecting the success of its turnaround strategy.

J. C. Penney is a holding company, involved in operating department stores across the US and Puerto Rico. The company's product offerings include a comprehensive range of apparel, footwear, accessories, jewelry, beauty products and home furnishings.

These products are sold under various brands such as Worthington, Every Day Matters, Okie Dokie, St. John's Bay, The Original Arizona Jean Company, and Decree.