By  on August 7, 2013

Shares of J.C. Penney Co. Inc. fell nearly 4 percent in midafternoon trading before rebounding slightly at the close amid rumblings that chief financial officer Ken Hannah might be leaving the company.

The retailer firmly denied the rumors. A spokesman for J.C. Penney said, “The speculation that Ken Hannah is stepping down as chief financial officer is completely false. In fact, Mike Ullman has assembled his go-forward leadership team, which includes Ken Hannah and the recent addition of Debra Berman as our senior vice president of marketing. The company has a highly experienced and focused leadership team in place as we head into the fall season.”

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