US retail giant JC Penney has announced another C-suite appointment, bringing Bill Wafford on board as executive vice president, chief financial officer.
Wafford, who has 25 years of “broad” finance experience, will join the business on 8 April, reporting to new CEO Jill Soltau. He will be responsible for providing strategic leadership and driving “operational excellence” in addition to leading all aspects of the company’s finance and accounting operations.
Wafford most recently served as executive vice president, chief financial officer for The Vitamin Shoppe and has also served as a partner in the advisory practice group of KPMG following a five-year career at Walgreens Boots Alliance. One of his roles before Walgreens was at Target Corporation where he managed the financial planning and analysis for the retailer’s $8bn women’s and men’s apparel divisions.
He succeeds Michael Fung, interim chief financial officer, who will remain with the company through the end of April to see through the leadership transition.
Wafford’s appointment follows the addition of former Gap Inc and Target Corp executive Michelle Wlazlo, who joined JC Penney as executive vice president, chief merchant, last month.
In addition, the retailer, which confirmed earlier this month it will shutter 18 full-line stores this summer, has named John Welling as senior vice president, planning and allocation, and Mark Stinde as senior vice president, asset protection. They report to Mike Robbins, who was recently promoted to executive vice president, chief stores and supply chain officer.
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By GlobalDataThe moves, including Wafford’s appointment, are part of an ongoing turnaround that includes plans to ditch products like major appliances and focusing more on higher margin products such as apparel. In its most recent financial update, JC Penney reported a drop in fourth-quarter net income to US$75m, down from $242m in the same period last year.
“Bill brings extraordinary depth and breadth of experience to our executive team. His first-hand knowledge and understanding of financial turnarounds will help JC Penney deliver improved results and drive profitable growth,” says Soltau. “Additionally, his extensive career supporting global retail and consumer brand companies will prove instrumental as we continue to strengthen our capabilities, optimise our product selection, and reduce unproductive inventory to effectively meet and exceed shoppers’ expectations.”
