More exec changes ahead at JCP

PLANO, Texas — Personnel changes are quite common these days at JCPenney, the latest involving CFO Michael Dastugue, who is leaving the company effective April 13. The company has named COO Michael Kramer as interim CFO while a search for a new CFO is conducted.

CEO Ron Johnson said, "We thank Michael for his many years of service at jcpenney. Over his 20-year career, Michael served in a variety of finance roles of increasing responsibility, culminating with his appointment as chief financial officer. We wish him all the best in his future endeavors."

Dastugue was named EVP and CFO of JCpenney in 2011.Before becoming chief financial officer, Dastugue was SVP finance with responsibility for the financial strategies of all JCPenney business units, including its more than 1,100 stores, international buying offices, supply chain facilities and corporate headquarters in Plano. Previously, he was the company's treasurer, and has also served as director of property development, heading up new store growth and renovations during a period of significant growth, including the expansion of the Company's off-mall presence. He joined JCPenney from Arthur Andersen, where he was a senior accountant.

With two decades of operating and financial experience in the retail industry, Kramer joined JCPenney in December 2011, after previously serving for three years as president and CEO of Kellwood Company. Prior to that, he was EVP and CFO at Abercrombie & Fitch and previously served as the CFO of Apple Retail. He had also held key financial leadership roles at The Limited, Pizza Hut and Einstein Noah Bagel Corporation. He is a certified public accountant.