J.C. Penney Co. Inc. has named Michael Fung interim chief financial officer, succeeding Jerry Murray, who will resume his responsibilities as senior vice president of finance.
Fung has more than 40 years experience in corporate finance, strategy, financial planning and analysis, across multiple consumer and retail organizations. He recently served as interim cfo for Neiman Marcus Group and 99 Cents Only Stores following his retirement from Walmart Stores.
Penney’s continues to search for a permanent cfo. “As I continue to assess the opportunities surrounding the company’s business, his appointment helps J.C. Penney benefit from the expertise of a seasoned retail cfo who has supported other retailers during a pivotal time in their evolution and helped deliver meaningful progress. His knowledge and contributions will be a valuable addition to our senior leadership team as we work together to develop solutions and drive decisions that are in the best interest of our customers and shareholders,” said Jill Soltau, who became chief executive officer of J.C. Penney last month.
“Additionally, I want to thank Jerry for his dedication and support over the past several weeks. His servant leadership enabled a seamless transition following the departure of the company’s former cfo.”
Murray was also interim cfo but only for about a month, having taken the role after Jeffrey Davis left the company to become cfo of Quarate Retail.