J.C. Penney's CFO To Step Down

J. C. Penney Co. Inc. said late Monday Chief Financial Officer and Executive Vice President Edward Record will step down effective Tuesday "to pursue other interests." Record will remain with the company until Aug. 7 to assist with the transition while a search for his replacement is conducted, the company said in a statement. Chief Accounting Officer and Controller Andrew Drexler will become interim CFO along with his other duties. Record joined the company as CFO in March 2014. Shares of J. C. Penney fell more than 1% in the late session, and ended the regular trading day down 1.5%.