Seeking Alpha

J.C. Penney names new CFO

  • J.C. Penney (JCP) names Ed Record as its new CFO to replace Ken Hannah.
  • Record will take over the position on March 24 and will be under a bright spotlight with the retailer's liquidity issues escalating.
  • JCP -0.7% premarket
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Comments (7)
  • DeepValueLover
    , contributor
    Comments (9999) | Send Message
     
    http://linkd.in/1dnlyP3

     

    :::Past

     

    CFO at Stage Stores
    SVP Finance at Kohl's Department Stores

     

    Education

     

    Carnegie Mellon University
    Princeton University

     

    :::
    13 Feb 2014, 08:39 AM Reply Like
  • fliper2058
    , contributor
    Comments (2398) | Send Message
     
    Announce a new CFO just before year end results?? WOW....this is extremely bearish.
    13 Feb 2014, 08:55 AM Reply Like
  • loudano
    , contributor
    Comments (598) | Send Message
     
    Flipper
    I see it as positive. Why would a person take a high level job just before the company's demise?
    13 Feb 2014, 01:47 PM Reply Like
  • sfinvestor
    , contributor
    Comments (1280) | Send Message
     
    so the controller resigned in October and the CFO canned in February. The SEC are pretty serious about something to compel mgmt to fire their CFO and the controller to resign.

     

    SSI, or Stage is a mini JCP, albeit they make money. It's a pretty good hire and as a COO at stage he was more heavy on the retail planning/sourcing retail operations than pure finance.
    13 Feb 2014, 12:36 PM Reply Like
  • Hector V
    , contributor
    Comments (548) | Send Message
     
    Must have taken one helluva golden parachute to entice him to this sinking ship.
    13 Feb 2014, 03:01 PM Reply Like
  • sfinvestor
    , contributor
    Comments (1280) | Send Message
     
    750K base salary
    75% bonus, 50% minimum guaranteed for first year.
    1.5M sign on cash
    2M sign on RSU
    18 Feb 2014, 06:46 PM Reply Like
  • Hector V
    , contributor
    Comments (548) | Send Message
     
    Thanks. Looks like he'll come away with at least 2.6M or so if JCP is still a going concern in a years time.
    18 Feb 2014, 10:07 PM Reply Like
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