J.C. Penney Co.’s chief financial officer Edward Record has decided to leave the company.
Record, who also held the title of executive vice president, has decided “to pursue other interests,” the company said Monday. Record will remain with the company in an advisory capacity until Aug. 7 to assist with the transition while a search for his replacement is conducted. The Hudson’s Bay Co. last week said that its cfo, Paul Beesley, is staying with the company longer than had been planned to continue a search for his successor. Last May, HBC said Beesley would resign on July 7 to return home to Canada to be closer to his family.
At Penney’s, Andrew Drexler, senior vice president, chief accounting officer and controller, will become interim chief financial officer along with his current duties.
Record joined Penney’s as chief financial officer in March 2014. During his tenure, the company retired over $1.4 billion in debt, enhanced its revolving credit facility, and has obtained numerous credit rating upgrades.
“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. 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.”
Marvin R. Ellison, Penney’s chairman and chief executive officer, said, “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. We look forward to sharing more details on August 11.”
Prior to Penney’s, Record worked at Stage Stores, Kohl’s and Belk.