JCPenney CFO Edward Record steps down
JCPenney announced on Monday the departure of Executive Vice President and Chief Financial Officer Edward Record, effective July 11, 2017. Record is leaving the retailer to pursue other interests, but he will remain with the company until August 7 as an advisor and to ensure a seamless transition.
The executive joined JCPenney as CFO in March 2014. With Record as CFO, JCPenney retired over $1.4 billion in debt, enhanced its revolving credit facility, and has obtained numerous credit rating upgrades. JCPenney in June also completed the refinancing of its $2.35 billion senior secured asset-based revolving credit facility, which will remain available for seasonal working capital needs and general corporate purposes.
The 25-year finance and operations veteran worked at Stage Stores for over six years before joining the retailer, and he held executive roles Kohl’s and Belk.
"On behalf of our board and leadership team, I want to thank Ed for his service and dedication to JCPenney during a challenging turnaround and a competitive retail climate. We wish him much success in his future endeavors," said Chairman and CEO Marvin R. Ellison. "The timing of his departure coincides with a demonstrated sales performance improvement in the second quarter, and we continue to expect to report significantly improved top-line results this quarter versus the first quarter. We look forward to sharing more details on August 11."
In addition, Andrew Drexler, SVP Chief Accounting Officer and Controller will serve as interim CFO in addition to his current duties.
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