JC Penney CFO Exits

JC Penney CFO Exits

J. C. Penney Company Inc. announced that Jeffrey Davis has informed the company that he is resigning from his position as executive vice president and chief financial officer effective Oct. 1 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.

“On behalf of our board and leadership team, I want to thank Jeff for his service to JCPenney,” said Ronald W. Tysoe, chairman of the JCPenney board. “His leadership has been instrumental as both the company’s chief financial officer and as a member of the Office of the CEO. We wish him much success in his future endeavors, and we thank Jerry for stepping in to assume this leadership role.”

Murray joined the company in Feb. 2016 after serving as chief financial officer for Valassis, a multimedia marketing firm. As interim CFO, he will report into the Office of the CEO members Therace Risch, chief information and digital officer, and Mike Robbins, executive vice president of private brands and supply chain. The company will commence a formal search for Davis’ successor, reviewing both internal and external candidates.

“I am grateful for my time with the company, leading some of the most talented teams in retail during a time of transition. I have every confidence that JCPenney has the experience and determination to persevere and strengthen its position as one of America’s leading retailers,” said Davis.

Davis’ departure follows former CEO Marvin Ellison who left the company in May to join Lowe’s Cos Inc.