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J.C. Penney names retail finance vet to replace CFO Hannah
Ed Record, a former finance executive with Stages stores, Kohl’s, Belk and Federated, has been appointed to replace Ken Hannah as CFO at J.C. Penney.
Hannah joined J.C. Penney less than two years ago under the leadership of former CEO Ron Johnson, a former Apple executive who pursued a costly transformation strategy that alienated customers and led to sharp sales declines. Johnson was ousted last April and former J.C. Penney CEO Myron Ullman was brought back to restore growth and undo much of Johnson’s handiwork.
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Burger King net income soars, revenue crashes
Miami — Burger King Worldwide Inc. reported impressive net income growth during the fourth quarter and full fiscal year 2013. Consolidated net income rose 37% year-over-year to $66.8 million from $48.6 million in the quarter, and almost doubled from $117.7 million to $223.7 million for the year.