J.C. Penney has replaced its chief financial officer.
Chief Financial Officer Ken Hannah, 45, is leaving the company and will be replaced by Ed Record, 45. He was previously chief operating officer at department store chain Stage Stores. The move is effective March 24.
Record will be responsible for J.C. Penney Co.’s financial operations and will report to CEO Mike Ullman. Hannah will remain CFO during the transition process. The company did not give a reason for his departure.
J.C. Penney is trying to recover from changes made by former CEO Ron Johnson, who tried to steer the chain away from coupons and discounts and revamped stores with an airier format.