J.C. Penney appoints former Stage Stores executive as CFO
J.C. Penney Co. Inc. has chosen Ed Record as its new executive vice president and chief financial officer, effective March 24.
Record, the former chief operating officer at Houston-based Stage Stores department store, will succeed Ken Hannah, who will remain in the role during the transition. Record will be responsible for the financial operations of the company and will report to CEO Mike Ullman. He also will join the executive board.
Record, 45, has about 25 years of experience managing financials and operations of retailers. Before serving as COO at Stage Stores, he was CFO at the retailer. Prior to that, he served as senior vice president of finance at Kohl's and as controller and senior vice president of finance at Charlotte-based Belk Inc.
Sterne Agee analyst Chuck Grom said the announcement is a positive development.
'Mr. Record is very well respected throughout the industry and will add a critical layer of capital discipline that JCP requires at this stage of the game,' he wrote in a report released today. 'Looking ahead, if CEO Mike Ullman can surround himself with additional hires in the coming months, the outlook for JCP will certainly improve.'
Penney (NYSE: JCP) is expected to release its fourth quarter and year-end earnings on Feb. 26.
Earlier this week, the Plano-based retailer announced its plans to develop the land surrounding its headquarters. Developers are creating a $2 billion mixed-use development on the land that will include retail, office space and a corporate campus for FedEx Office and Print Services.
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