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Penney starts search for a new CFO


J.C. Penney's finance head of three years is leaving to "pursue other interests."

Edward Record stepped down as CFO of Penney effective July 11, according to a regulatory filing. He will remain in an advisory capacity with the company until Aug. 7. Andrew Drexler, Penney's senior VP and chief accounting officer and controller, will serve as interim CFO while the retailer searches looks for Record's replacement.

"The timing of his departure coincides with a demonstrated sales performance improvement in the second quarter, and we continue to expect to report significantly improved top-line results this quarter versus the first quarter," CEO Marvin Ellison stated. "We look forward to sharing more details on Aug. 11."

Record joined Penney as CFO in March 2017. Previously, he was with Stage Stores, where he served as COO, from 2010 to 2014, and CFO, from 2007 to 2010. Prior to that, he served as senior VP, finance, at Kohl's.

"I've had a very rewarding experience at J.C. Penney, and am proud of the work we have undertaken to strengthen the company's financial condition," Record stated. "J.C. Penney is well positioned for the future, and I will continue to follow the company closely as the team builds on the positive momentum it has experienced over the last few years."

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