JCPenney CFO Edward Record steps down

J. C. Penney Company announced in a statement that Edward Record has informed the company of his intention to step down from his position as executive vice president, chief financial officer effective July 11 to pursue other interests. The company said, Record will remain with the company in an advisory capacity until August 7 to assist with the transition while a search for his replacement is conducted. Additionally, Andrew Drexler, Senior Vice President, Chief Accounting Officer and Controller, will assume the position of Interim Chief Financial Officer along with his current duties.

"On behalf of our board and leadership team, I want to thank Ed for his service and dedication to JCPenney during a challenging turnaround and a competitive retail climate. The timing of his departure coincides with a demonstrated sales performance improvement in the second quarter, and we continue to expect to report significantly improved top-line results this quarter versus the first quarter,” said Marvin R. Ellison, the company’s Chairman and CEO in a statement.

The company added that Record joined JCPenney as chief financial officer in March 2014. During his tenure, the company retired over 1.4 billion dollars in debt, enhanced its revolving credit facility, and has obtained numerous credit rating upgrades.

Commenting on his decision to step down, Record said, "I've had a very rewarding experience at JCPenney, and am proud of the work we have undertaken to strengthen the company's financial condition. JCPenney is well positioned for the future, and I will continue to follow the company closely as the team builds on the positive momentum it has experienced over the last few years."