J.C. Penney has a new chief financial officer.
Jeffrey Davis will replace Edward Record, who resigned earlier this month, the company announced Monday. Andrew Drexler had served as interim.
Davis has most recently served as CFO at Darden Restaurants, which owns and operates restaurants such as Olive Garden, LongHorn Steakhouse, Seasons 52 and The Capital Grille. He has also served as Walmart's CFO.
"He brings decades of finance, treasury and strategy experience from a host of leading companies, and will make an outstanding addition to our team," Penney's CEO Marvin Ellison said in a statement. "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."
Davis joins Penney's at a time when the retail sector is struggling to attract customers who are increasingly shopping online — and on Amazon. Davis will try to identify earnings growth opportunities, optimize pricing, manage expenses and inventory levels, and deleverage debt, the press release said.
"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," Davis said in the press release. "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."
Record, David's predecessor, resigned on July 10. He was expected to stay at the company in an advisory capacity until Aug. 7, the company had said in a press release.
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