J.C. Penney Co. Inc.’s chief financial officer Ed Record is leaving the company next month.
Record, who took the executive vice president and CFO role in March 2014, informed J.C. Penney (NYSE: JCP) of his intentions to step down effective July 11 to “pursue other interests,” the company said in a prepared statement.
He will remain with the Plano-based retailer in an advisory role until Aug. 7, assisting with the search for his replacement. In the interim, Andrew Drexler, senior vice president, chief accounting officer and controller will serve as interim CFO and receive a one-time bonus of $50,000.
“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,” Record said. “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."
During his three-year stint with J.C. Penney, Record is credited with helping the company retire $1.4 billion in debt, enhance its revolving credit facility and receive several credit rating upgrades.