J.C. Penney Names Hannah CFO

New finance chief joins from MEMC Electronic Materials; replaces Michael Dastugue.

J.C. Penney Co. hired MEMC Electronic Materials Inc.’s Ken Hannah as chief financial officer as Chief Executive Officer Ron Johnson replaces top managers at the fourth-biggest U.S. department store chain.

Hannah, 43, was most recently president of solar energy at MEMC and previously served as the company’s CFO, Plano, Texas-based J.C. Penney said in a statement. Hannah was also senior vice president of finance at Home Depot Inc., the company said. Former CFO Michael Dastugue left last month after more than 20 years at J.C. Penney.

Johnson, who took over in November after leading Apple Inc.’s retail business, has installed new management at J.C. Penney as he works to remake the retailer. Thomas Engibous became the company’s new chairman on Jan. 28 and Johnson has refreshed almost all executive roles, mostly with former Apple employees.

“Ken brings a broad knowledge of finance, controls and operations to the CFO role,” Johnson said in today’s statement. “His experience with top companies known for financial and operational excellence will be instrumental in helping J.C. Penney as we transition to become America’s favorite store.”

Hannah stepped down as CFO of MEMC, the second-largest U.S. polysilicon maker, in November 2009, according to MEMC’s most recent annual filing. He had joined the company from Home Depot, where he was senior vice president of operations covering the U.S., Mexico and Canada. Before that, he was senior vice president of finance at the home improvement retailer.

J.C. Penney fell 0.6 percent to $35.07 at the close in New York.


Bloomberg News




Copyright 2017 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Advertisement. Closing in 15 seconds.