JCPenney Chief Financial Officer (CFO) Resigns; Senior Vice President (SVP) Finance Will Assume the Position in Interim
- JCPenney announced that CFO and EVP Jeffrey Davis has resigned effective October 1, 2018 to pursue another opportunity.
- Jerry Murray, SVP-Finance at JCPenney, will assume the position of interim CFO, reporting directly to the Office of the CEO.
- Davis is the third C-suite executive to leave JCPenney this year. Marvin Ellison, CEO,had left in May 2018 and Joe McFarland, CCO, had left in August, 2018, both going to Lowe’s home department store.
This week, Jeffrey Davis, CFO and EVP at JCPenney, announced his resignation effective October 1, 2018. Davis had held the position since July 24, 2017,prior to which he the CFO at Darden restaurants.
Jerry Murray, SVP-Finance, will take over as the interim CFO, reporting directly to the Office of the CEO. Murray had joined JCPenney in February 2016 after serving as CFO at Valassis, a multimedia marketing firm. The company will soon begin a formal search for Davis’s successor, reviewing internal and external candidates.
Davis is the third C-suite executive to leave JCPenney this year. Marvin Ellison, who had joined the company as its CEO in 2015 after 12 months at Home Depot, left the company on May 22, 2018 to become the CEO of Lowe’s, replacing the retiring CEO, Robert Niblock on July 2, 2018. JCPenney has not replaced Ellison yet. JCPenney’s EVP-Stores and CCO Joe McFarland had left on August 1 to join the Lowe’s as COO.
Over the past five years, JCPenney’s store fleet has declined by 242 stores, by 27.8%, from 1,114 stores to 872 stores.
The company has reported that it is focused on driving its women’s apparel business. In September, JCPenney had launched Artesia in 400 stores and at JCPenney.com. The brand features a boho style apparel for women that includes relaxed silhouettes, flowy fabrics, and peasant style tops and dresses.