US: JC Penney CFO Ken Hannah to depart
US department store retailer JC Penney has appointed Ed Record as its new chief financial officer and executive vice president, replacing Ken Hannah.
Record, who was appointed under the tenure of former CEO Ron Johnson, will be responsible for the financial operations of the company, effective 24 March.
"Ed is a highly accomplished executive with a broad understanding of retail finance and operations," said CEO Mike Ullman.
"His extensive department store experience and track record of success make him an ideal candidate as we continue to advance our turnaround."
The move comes almost a year after Hannah denied reports he may leave the retailer after coming up against mounting pressure to turn the business around.
Earlier this month, JC Penney recorded its first quarterly comparable store sales increase since the second quarter of 2011, after a positive holiday trading period.
This report provides information, analysis and valuable insight on developments relating to the global apparel industry in the following categories: acquisitions, divestments and mergers; corporate so...
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