J. C. Penney appoints another interim CFO
J. C. Penney appoints another interim CFO
He named his second acting finance chief on Monday, after his finance manager abruptly resigned last month.
Michael Fung will join the retailer in Plano, Texas on Tuesday. Assumes the interim role of Jerry Murray, who was appointed interim CFO when Jeffrey Davis resigned in September. Mr. Murray will return to his previous position as Senior Vice President of Finance.
Mr. Fung, 67, previously held interim executive functions at Neiman Marcus Group Ltd. and 99 Cents Only Stores LLC. He was also chief financial officer of Wal-Mart Stores U.S., where he retired in 2012. He will collect a monthly salary of $ 65,000, among other compensations, according to a report. Company's presentation.
"We thought his experience in finance was very strong and his experience in retail sales made him an ideal candidate," said Kate Coultas, a company spokeswoman. The company also praised Mr. Fung's decades of experience in "value-oriented retail and financial operations" and said he would continue to seek a permanent head of finance.
Mr. Davis left J.C. Penney a little over a year at work for take the job of CFO to
a subsidiary of Qurate Retail Inc., the company behind the home shopping channels QVC and HSN. Prior to that, he was CFO at Darden Restaurants Inc., and held various financial positions in
Walmart
Inc.
for a period of eight years, including the position of senior vice president and treasurer and chief financial officer of the United States division.
J.C. Penney has reported losses in four of its last five quarters. The price of its shares has fallen more than 56% so far this year. In June, its executive director, Marvin Ellison, left to go to
From Lowe
Co.
The actions of J.C. Penney closed 1.4% at $ 1.36 on Monday. The announcement was made after the closing of the negotiation.
Write to Ezequiel Minaya in ezequiel.minaya@wsj.com
Corrections and Amplifications
The CEO of J.C. Penney Co., Marvin Ellison, left the retailer in June. An earlier version of this article incorrectly stated that he left in May. (October 29, 2018)
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