JC Penney Company has announced the retirement of William Alcorn, senior vice president, controller and chief procurement officer for non-resale goods and services, effective 3 June.

Alcorn joined the company in 1971, and has held several positions of increasing responsibility in the company's auditing, credit and controller's departments.

JC Penney also announced several other changes within its finance organisation.

Robert Cavanaugh, executive vice president and chief financial officer said: "Bill's 37-year career with JCPenney has been marked by solid contributions that have greatly supported the efficiency of our operations."

In addition, the company said that Dennis Miller has been promoted to senior vice president, controller, succeeding Alcorn in his controller responsibilities.

In this role, he will direct the development and maintenance of accounting records, financial accounting systems, internal controls and procedures for the company.

Bruce Kilkowski, meanwhile, has been named vice president and director of procurement, succeeding Miller, and Robert Johnson has been named vice president and director of planning, budgeting and forecasting.

Johnson will be succeeded by Phillip Sanchez, who has been promoted to vice president and director of investor relations.