JCPenney CFO Leaving The Company

PLANO (AP) – JCPenney Chief Financial Officer Ken Hannah is leaving the department store operator.

The chain named Ed Record as Hannah’s successor. Record’s appointment is effective March 24. He will also serve as executive vice president.

Record will be responsible for JCPenney Co.’s financial operations and will report to CEO Mike Ullman. Hannah will remain CFO during the transition process. The company did not give a reason for his departure.

JCPenney is trying to recover from changes made by former CEO Ron Johnson. He was ousted last April after 17 months on the job, and the company brought back Ullman as CEO.

The 45-year-old Record most recently served as chief operating officer at Stage Stores.

JCPenney’s stock added 4 cents to $6 in Thursday premarket trading.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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