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.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.