J. C. Penney Co., already grappling with sluggish sales and an effort to close underperforming stores, is losing its chief financial officer.
Edward Record, who had served as CFO since March 2014, will leave the company on Tuesday to "pursue other interests," J.C. Penney said. He will remain an adviser until Aug. 7 to help with the transition, with his duties being passed on an interim basis to the retailer's accounting chief.
The shake-up leaves an opening in J.C. Penney's top management ranks at a time when it's grappling with an industrywide slump. The company's same-store sales slid 3.5% in the most recently reported quarter, worse than the 0.7% drop predicted by analysts.
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