JC Penney CFO Hannah leaving the company

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Associated Press

Posted on February 13, 2014 at 7:01 AM

Updated Thursday, Feb 13 at 8:01 AM

PLANO, Texas (AP) — J.C. Penney Chief Financial Officer Ken Hannah is leaving the department store operator.

The chain named Ed Record as Hannah's successor. Record's appointment is effective March 24. He will also serve as executive vice president.

Record will be responsible for J.C. Penney Co.'s financial operations and will report to CEO Mike Ullman. Hannah, 45, will remain CFO during the transition process. The company did not give a reason for his departure.

J.C. Penney is trying to recover from changes made by former CEO Ron Johnson. He was ousted last April after 17 months on the job, and the company brought back Ullman as CEO.

The 45-year-old Record most recently served as chief operating officer at Stage Stores.

J.C. Penney's stock was steady at $5.96 in Thursday premarket trading about 20 minutes ahead of the market opening.

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