PLANO, Texas -
(July 24, 2017) - J. C. Penney Company, Inc. [NYSE: JCP] today
announced that Jeffrey Davis is joining the Company as executive
vice president and chief financial officer, effective today. He
will succeed Andrew Drexler, who has been serving as interim chief
financial officer while the Company completed its search. Davis
will report to Marvin R. Ellison, chairman and chief executive
officer of JCPenney.
"On behalf of the board of
directors and executive leadership, I'm pleased to welcome Jeff to
JCPenney. He brings decades of finance, treasury and strategy
experience from a host of leading companies, and will make an
outstanding addition to our team," said Ellison. "Jeff's expertise
will also be a tremendous asset to JCPenney as we continue to
differentiate our business in a competitive retail climate and
further strengthen our balance sheet moving forward."
In his role, Davis will be
responsible for all financial operations of the Company, including
the oversight of finance teams at the JCPenney home office and
shared services center in Salt Lake City. Among his primary
objectives will be to continue the Company's progress in
identifying earnings growth opportunities, optimizing pricing,
exercising SG&A discipline, managing inventory levels and
deleveraging debt.
"JCPenney is a mainstay in
American retailing, and I'm proud to have the opportunity to
sustain its rich legacy alongside a group of dedicated associates
committed to differentiating the Company from its traditional
competitors," said Davis. "I look forward to working with our teams
in Plano and Salt Lake to continue strengthening the financial
position of JCPenney, further propelling the Company's
momentum."
Davis most recently served as
chief financial officer at Darden Restaurants, overseeing finance
and accounting, corporate reporting, tax, internal audit, treasury
and investor relations. He also maintained oversight of Darden's
real estate acquisitions, as well as the company's restaurant
development.
Prior to Darden, Davis served as
executive vice president and chief financial officer for Walmart
U.S. stores. Upon joining Walmart in 2006, he served as vice
president of finance for its U.S. specialty division before
assuming positions of increasing responsibility, including senior
vice president of finance and strategy, followed by a promotion to
senior vice president and treasurer. Before Walmart, Davis held
multiple finance-related positions with Lakeland Tours, McKesson
Corporation and The Hillman Company.
JCPenney Media
Relations:
(972) 431-3400 or jcpnews@jcp.com
Follow @jcpnews on Twitter for the latest announcements and Company
information.
Investor
Relations:
(972) 431-5500 or jcpinvestorrelations@jcpenney.com
About
JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation's largest
apparel and home furnishings retailers, is on a mission to ensure
every customer's shopping experience is worth her time, money and
effort. Whether shopping jcp.com or visiting one of over 1,000
store locations across the United States and Puerto Rico, she will
discover a broad assortment of products from a leading portfolio of
private, exclusive and national brands. Supporting this value
proposition is the warrior spirit of over 100,000 JCPenney
associates worldwide, who are focused on the Company's three
strategic priorities of strengthening private brands, becoming a
world-class omnichannel retailer and increasing revenue per
customer. For additional information, please visit jcp.com.
Forward-Looking
Statements:
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "expect" and similar expressions identify
forward-looking statements, which include, but are not limited to,
statements regarding the Company's financial position, sales, gross
margin, selling, general and administrative expenses, earnings and
cash flows. Forward-looking statements are based only on the
Company's current assumptions and views of future events and
financial performance. They are subject to known and unknown risks
and uncertainties, many of which are outside of the Company's
control that may cause the Company's actual results to be
materially different from planned or expected results. Those risks
and uncertainties include, but are not limited to, general economic
conditions, including inflation, recession, unemployment levels,
consumer confidence and spending patterns, credit availability and
debt levels, changes in store traffic trends, the cost of goods,
more stringent or costly payment terms and/or the decision by a
significant number of vendors not to sell us merchandise on a
timely basis or at all, trade restrictions, the ability to monetize
non-core assets on acceptable terms, the ability to implement our
strategic plan including our omnichannel initiatives, customer
acceptance of our strategies, our ability to attract, motivate and
retain key executives and other associates, the impact of cost
reduction initiatives, our ability to generate or maintain
liquidity, implementation of new systems and platforms, changes in
tariff, freight and shipping rates, changes in the cost of fuel and
other energy and transportation costs, disruptions and congestion
at ports through which we import goods, increases in wage and
benefit costs, competition and retail industry consolidations,
interest rate fluctuations, dollar and other currency valuations,
the impact of weather conditions, risks associated with war, an act
of terrorism or pandemic, the ability of the federal government to
fund and conduct its operations, a systems failure and/or security
breach that results in the theft, transfer or unauthorized
disclosure of customer, employee or Company information, legal and
regulatory proceedings and the Company's ability to access the debt
or equity markets on favorable terms or at all. There can be
no assurances that the Company will achieve expected results, and
actual results may be materially less than expectations.
Please refer to the Company's most recent Form 10-Q for a
further discussion of risks and uncertainties. Investors should
take such risks into account and should not rely on forward-looking
statements when making investment decisions. Any forward-looking
statement made by us in this press release is based only on
information currently available to us and speaks only as of the
date on which it is made. We do not undertake to update these
forward-looking statements as of any future date.
###
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: J. C. Penney Company, Inc. via Globenewswire
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