US: JC Penney CFO Dastugue departs
By Katie Smith | 12 April 2012
Michael Dastugue, CFO of US department store retailer JC Penney, will leave the company this week and is to be replaced by COO Michael Kramer on an interim basis.
CEO Ron Johnson said: "Over his 20-year career, Michael served in a variety of finance roles of increasing responsibility, culminating with his appointment as chief financial officer. We wish him all the best in his future endeavours."
Kramer joined JC Penney in December last year, after previously serving for three years as president and chief executive officer of apparel maker Kellwood Co. Prior to this, he was executive vice president and CFO at Abercrombie & Fitch.
Earlier this week, the retailer revealed it was axing around 10% of the staff at its corporate headquarters in Plano, Texas, as part of an ongoing transformation of its business under new CEO Johnson.
Companies: JC Penney, Kellwood
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