Allen Questrom, chairman and chief executive officer of J C Penney announced the election by the board of directors of Michael P. Dastugue, 36, to the position of vice president and treasurer, effective December 1. He will report to executive vice president and CFO Donald A. McKay.In his new position, Dastugue will direct the Treasurer's Department in fulfilling its core responsibilities: banking, financing, risk management, and benefit plans investments. He will also meet the company's strategic objectives by leading the Treasurer's Department in assisting operating units to achieve their business and financial goals while enhancing shareholder value."Michael Dastugue is recognised within the financial community as anoutstanding leader with excellent financial management qualifications," Questrom said. "His expertise is a superb contribution to our company's plans for growth and success."Dastugue joined the company in 1991 from Arthur Andersen where he was a senior accountant. At the company's Treasurer's Department, his career encompassed a number of key positions, including financial analyst and project manager roles.