J.C. Penney announced Monday that its executive vice president and chief financial officer, Edward Record, would vacate his position effective July 11 “to pursue other interests,” according to the company.
Record joined the apparel and home goods retailer in March 2014. J.C. Penney reports that during Record’s tenure as CFO “the company retired over $1.4 billion in debt, enhanced its revolving credit facility and has obtained numerous credit rating upgrades.”
“On behalf of our board and leadership team, I want to thank Ed for his service and dedication to J.C. Penney during a challenging turnaround and a competitive retail climate,” J.C. Penney chairman and CEO Marvin R. Ellison says. “We wish him much success in his future endeavors.”
The retailer reports that Andrew Drexler, senior vice president, chief accounting officer and controller, will serve as interim chief financial officer along with his current duties.
J.C. Penney has made forays into the home improvement sector, most recently hiring a marketing executive who previously worked at Lowe’s. Under the leadership of chairman and CEO Marvin R. Ellison, who worked as an executive at The Home Depot, the retailer has expanded its home improvement-focused offerings. In the past three years since Ellison’s arrival, the company has added appliances, flooring and window treatments and started offering bathroom remodel services and HVAC in some stores.