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JCPenney sets leadership plans, says CFO search is 'well under way'

Jan. 14, 2019 6:29 PM ETOLD COPPER CO INC. (CPPRQ) StockBy: Jason Aycock, SA News Editor44 Comments
  • Discussing a series of leadership changes, JCPenney (JCP) notes searches are "well under way" for a new chief financial officer and chief merchant officer among other key positions it's filling.
  • The retailer plans a "cross-functional executive team that merges the talents and perspectives of new and existing industry leaders to focus on the needs of the value-based consumer and position the company for growth."
  • Mike Robbins will be made executive VP and chief stores and supply chain officer, effective Jan. 21. He's currently executive VP of private brands and supply chain.
  • Truett Horne of McKinsey & Co. will join as chief transformation officer, reported directly to CEO Jill Soltau.
  • Meanwhile, it's looking for the CFO (a spot for which it has "many compelling candidates"); chief merchant (to lead merchandising efforts across categories); a chief customer officer (to grow traffic, engagement and retention); a senior VP of Planning and Allocation (to lead goal-setting for sales, inventory and replenishment); and a principal accounting officer (CAO and Controller Andrew Drexler is leaving the company March 31).
  • Shares fell 1.5% during the regular session and are up 1.5% after hours.

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OLD COPPER CO INC.