JC Penney names Bill Wafford as CFO

Key Points
  • JCPenney named Bill Wafford the retailer's new chief financial officer Tuesday. 
  • Wafford previously worked at The Vitamin Shoppe, Walgreens Boots Alliance, Bank of America, and Target.
  • Wafford is succeeding Michael Fung.
A pedestrian about to enter a JC Penney store in New York.
Scott Mlyn | CNBC

JCPenney on Tuesday named Bill Wafford as the company's new executive vice president and chief financial officer, starting April 8.

The announcement came as The Vitamin Shoppe announced Wafford's resignation, effective April 5. Wafford also previously worked for KPMG and Walgreens Boots Alliance.

Prior to Walgreens, Wafford held finance roles are Bank of America and Target.

"Bill brings extraordinary depth and breadth of experience to our executive team. His first-hand knowledge and understanding of financial turnarounds will help JCPenney deliver improved results and drive profitable growth," said Jill Soltau, CEO of JCPenney.

Wafford is succeeding Michael Fung, who will remain at the company as interim CFO through the end of April.