J.C. Penney's CFO Edward Record to step down

Retail Reuters

Department store operator J.C. Penney Co Inc said Chief Financial Officer Edward Record would step down, effective July 11, and that its second-quarter sales are expected to "significantly improve" from the previous quarter.

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Record, who joined J.C. Penney as CFO in March 2014, will remain in an advisory role until Aug. 7 to assist with the transition while a search for his replacement is conducted, the company said.

"We continue to expect to report significantly improved top-line results this quarter versus the first quarter," Chief Executive Marvin Ellison said in a statement.

The company also named Chief Accounting Officer Andrew Drexler as its interim CFO.
J.C. Penney had reported first-quarter sales of $2.71 billion, a 3.7 percent drop from the year-earlier period.

(Reporting by Gayathree Ganesan in Bengaluru; Editing by Anil D'Silva)