PLANO, Texas (AP) — J.C. Penney has replaced its chief financial officer, the latest move by the struggling department store operator as tries to improve its results.
Chief Financial Officer Ken Hannah, 45, is leaving the company and will be replaced by Ed Record, 45. He was previously chief operating officer at department store chain Stage Stores. The move is effective March 24.
Record will be responsible for J.C. Penney 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.
Sterne Agee analyst Charles Grom said the move was a "positive development" for J.C. Penney.
"Mr. Record is very well respected throughout the industry and will add a critical layer of capital discipline that J.C. Penney requires at this stage of the game," he said. "Looking ahead, if CEO Mike Ullman can surround himself with additional hires in the coming months, the outlook for J.C. Penney will certainly improve."