Struggling retailer J.C. Penney Co. Inc., which has had somewhat of a revolving door when it comes to chief financial officers, is no doubt hoping its new hire will stick.
After a lengthy executive search, the Dallas-based company just revealed Bill Wafford as its latest cfo, reporting directly to chief executive officer Jill Soltau.
The position has been held by several people over the past few years. The most recent being Michael Fung — interim cfo since October. He stepped in to replace Jerry Murray, who also filled in on an interim basis, before resuming his responsibilities as senior vice president of finance.
The last permanent cfo was Jeffrey Davis, who left the company to become cfo of Qurate Retail. Before that it was Edward Record. He departed in August 2017 after just over three years in the role to pursue other interests.
Andrew Drexler, senior vice president, chief accounting officer and controller, filled the gap on an interim basis in between Record and Davis.
Wafford joins from The Vitamin Shoppe where he was executive vice president and cfo, overseeing all aspects of the company’s finance strategy. Prior to that, he was a partner in the advisory group of KPMG and also spent five years at Walgreens Boots Alliance.
At J.C. Penney, he will be responsible for providing strategic leadership as well as being responsible for all aspects of the company’s finance and accounting operations.
He is one of a number of new hires as Soltau continues with her plans to turn around the troubled retailer’s fortunes. This includes Truett Horne becoming chief transformation officer, and Michelle Wlazlo, formerly of Target Corp., who joined as chief merchandising officer.
“Bill brings extraordinary depth and breadth of experience to our executive team. His firsthand knowledge and understanding of financial turnarounds will help J.C. Penney deliver improved results and drive profitable growth,” said Soltau in a statement.