JC Penney shares hit record low as CFO quits

Shares of J.C. Penney tumbled on Friday as traders reacted to the resignation of the beleaguered retailer’s executive vice president and chief financial officer, Jeffrey Davis.

Shares touched a record-low during Friday’s session.

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Davis is leaving after just 14 months on the job to pursue another opportunity.

Jerry Murray, senior vice president of finance, will assume the position of interim chief financial officer, reporting directly to the Office of the CEO.

This is the third executive to depart the company in recent months. CEO Marvin Ellison departed in May and became CEO of home improvement chain Lowe's on July 2. Chief Customer Officer Joe McFarland left shortly after, also to join Lowes.

In its most recent earnings report, J.C. Penney reported a large loss and lowered its forecast.