PENNEY’S TAPS CAVANAUGH
NEW YORK — Allen Questrom’s top management team at J.C. Penney has begun to take shape.
Robert Cavanaugh, 49, has been named executive vice president and chief financial officer, moving from the cfo post at the Eckerd division. The position was held by Donald McKay, 55, who elected to retire Dec. 31.
Stephen Raish, 50, was promoted to executive vice president and chief information officer at Penney’s. The 28-year veteran of Penney’s was most recently president of the firm’s ACT Initiative, a strategic task force designed to review its merchandising process. He succeeds David Evans, 56, who retired as chief information officer, effective Dec. 31.
Cavanaugh and Raish will report to Questrom, chairman and chief executive of Penney’s.
Additionally, John Fesperman, 55, Penney’s president and chief operation officer of the company’s direct marketing, credit, and facilities services, retired at the end of 2000. Questrom said his duties will be restructured. Randy Ronning, 51, also retired as president of catalog and internet effective Dec. 31. The search for his successor is underway.
Questrom noted in a statement that the changes will allow the company “to remain disciplined and focused as we achieve our goals of significantly improving our merchandise assortments and marketing efforts, and enhancing the store environment.”