09/27/2018

J.C. Penney seeks replace executive talent

Louisa Hallett

Another J.C. Penney executive resigns to pursue greater a opportunity, leaving the company fill yet another executive position.

J.C. Penney loses a third executive within a span of five months, leaving the company searching for further leadership.

The company announced that its Chief Financial Officer Jeffrey Davis is leaving the department store chain to pursue another job. His resignation is effective Oct. 1. Jerry Murray, J.C. Penney's Senior Vice President of Finance, will assume the Chief Financial Officer role on an interim basis.

Penney tapped Davis as Chief Financial Officer in July 2017. Previously, he served as Chief Financial Officer of Darden Restaurants. His resume also includes leadership positions with Wal-Mart U.S. stores, Lakeland Tours and McKesson Corp.

“On behalf of our board and leadership team, I want to thank Jeff for his service to J.C. Penney,” said Ronald W. Tysoe, Chairman. “His leadership has been instrumental as both the Company’s chief financial officer and as a member of the Office of the Chief Executive Officer. We wish him much success in his future endeavors, and we thank Jerry for stepping in to assume this leadership role.”

J.C. Penney also lost it’s Chief Executive Officer Marvin Ellison in May, to take a job at Lowe’s. Within two months of Ellison’s resignation, the company’s Chief Customer Officer Joe McFarland left to join Ellison at Lowe’s as well, making Davis the third executive to resign his position at the company.