CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header
CBS DFW WEATHER APP: iPhone App Store | Android App Coming Soon | More Information

Local

JCPenney Names Ken Hannah As New CFO

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

625x352 thrill eng preview JCPenney Names Ken Hannah As New CFOWin A Trip To Disneyland!

82641739 10 JCPenney Names Ken Hannah As New CFOHottest Sunbathers Of The Summer

451506504 JCPenney Names Ken Hannah As New CFOJennifer Lopez Bikini Pic Is HOT

 alt=What Did Jerry Jones Say?

 alt=Musicians Then And Now

Fantasy_tile

VOTE: Best Coaches In American Sports

PLANO (AP) - JCPenney Co. said Thursday that it hired a new chief financial officer as it tries to reshape its business. Ken Hannah will take over as CFO on Monday.

The company’s former chief financial officer, Michael Dastugue, left in April just days after the company announced it planned to cut hundreds of jobs and transform every aspect of its business.

Hannah, 43, was most recently president of solar energy at MEMC Electronic Materials Inc. He has also worked at a number of other companies, including General Electric Co., The Boeing Co. and Home Depot Inc.

JCPenney is trying to redesign everything — from its management team to store promotion strategy — to boost sagging sales. The company’s new CEO, Ron Johnson, is a former Apple Inc. executive, who investors hope will bring some Apple ingenuity to the struggling chain.

“I’ve followed the outstanding changes that have taken place at JCPenney thus far, and I’m excited to now be part of this remarkable revolution in retail,” Hannah said in a statement.

The company has suffered in recent years because its core middle-income customers have been among those hardest hit by the nation’s weak economy. It’s also lagged behind rivals like Macy’s Inc. in making its stores fun places to shop.

JCPenney posted a loss of $152 million on revenue of $17.26 billion for its most recent fiscal year, compared with a profit of $389 million on revenue of $17.76 billion the year before.

JCPenney, based in Plano, Texas, operates 1,100 stores nationwide.

Its shares fell 20 cents to close at $35.07.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Also Check Out:

View Comments