JC Penney names its fourth CFO in two years

 

 

JC Penney restructures its C-suite. The American department store company has hired a new chief financial officer: Bill Wafford. Michael Fund was until now its interim CFO since the previous executive, Jeff Davis, left the company last October. 

Wafford joins JC Penney from The Vitamin Shoppe, where he was also CFO. Previously, the executive had been working in consulting as a partner at KPMG, as well as in Walgreens Boots Alliance.

 

The executive will be JC Penney’s fourth chief financial officer in two years. After the departure in August 2017 of Edward Record, who had been in the position for three years, the group signed Jeffrey Davis, who left the company last October. Since then, JC Penney’s finance had been led by Michael Fung.

 

Wafford’s appointment of comes a few weeks after the group reorganized its board of directors. In February, JC Penney signed Michelle Wlazlo as new chief merchandising and in October the company named Jill Soltau new chief executive officer.

 

The company closed 2017 with losses valued in 116 million dollars. The revenue of the group, with headquarters in Plano, a city in the state of Texas, stood at 12.5 billion dollars.