PLANO, Texas -
(March 26, 2019) - J. C. Penney Company, Inc. (NYSE: JCP) today
announced that Bill Wafford, a highly accomplished retail executive
with over 25 years of broad finance experience, has been named
executive vice president, chief financial officer, effective April
8. Reporting to Jill Soltau, chief executive officer, Wafford will
be responsible for providing strategic leadership and driving
operational excellence in addition to leading all aspects of the
Company's finance and accounting operations. He succeeds Michael
Fung, interim chief financial officer, who will remain with the
Company through the end of April to allow for a seamless leadership
transition.
"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 Soltau. "Additionally, his extensive career supporting global
retail and consumer brand companies will prove instrumental as we
continue to strengthen our capabilities, optimize our product
selection, and reduce unproductive inventory to effectively meet
and exceed shoppers' expectations."
Wafford most recently served as
executive vice president, chief financial officer for The Vitamin
Shoppe where he oversaw all aspects of the company's finance
strategy and execution including accounting, real estate,
international operations, mergers and acquisitions, corporate
strategy, advanced analytics, investor relations, procurement and
internal audit functions. During his tenure with The Vitamin
Shoppe, he played a significant role in reducing debt, decreasing
inventory and improving operating income in 2018. He joined The
Vitamin Shoppe in 2017 as senior vice president overseeing
strategy, finance, international operations and business
development.
Prior to The Vitamin Shoppe,
Wafford served as a partner in the advisory practice group of KPMG
following a five-year career at Walgreens Boots Alliance. While at
Walgreens, he served in positions of increasing responsibility and
became vice president of international finance where he was
involved in the acquisition of Alliance Boots, which created the
world's largest retail pharmacy, health and daily living
destination. He was subsequently appointed to vice president and
managing director for the company's global venture capital
portfolio where he evaluated investment opportunities in digital
categories, including online retail and customer loyalty. Before
Walgreens, Wafford held multiple finance-related positions with
Archstone Consulting, Bank of America and at Target Corporation
where he managed the financial planning and analysis for their $8
billion women's and men's apparel divisions.
"I am delighted to welcome Bill to
our team of highly talented retail experts. Together we will work
to make meaningful progress and deliver an engaging and rewarding
shopping experience for our customers. I also wish to thank Michael
Fung for joining the organization several months ago and providing
invaluable expertise as interim CFO while we completed the search
for an accomplished successor," added Soltau.
To download a copy of this news release, and
access company information, bios and photos, please visit:
https://www.jcpnewsroom.com/news-releases/2019/0326_jcpenney_announces_cfo.html
Media
Relations:
(972) 431-3400 or jcpnews@jcp.com
Follow @jcpnews on Twitter for the latest announcements and Company
information.
Investor
Relations:
(972) 431-5500 or jcpinvestorrelations@jcp.com
About
JCPenney:
J. C. Penney Company, Inc. (NYSE: JCP), one of the nation's largest
apparel and home retailers, combines an expansive footprint of over
860 stores across the United States and Puerto Rico with a powerful
e-commerce site, jcp.com, to deliver style and value for all
hard-working American families. At every touchpoint, customers will
discover stylish merchandise at incredible value from an extensive
portfolio of private, exclusive and national brands. Reinforcing
this shopping experience is the customer service and warrior spirit
of approximately 95,000 associates across the globe, all driving
toward the Company's mission to help customers find what they love
for less time, money and effort. For additional information, please
visit jcp.com.
Forward-Looking
Statements
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "expect" and similar expressions identify
forward-looking statements, which include, but are not limited to,
statements regarding sales, cost of goods sold, selling, general
and administrative expenses, earnings and cash flows.
Forward-looking statements are based only on the Company's
current assumptions and views of future events and financial
performance. They are subject to known and unknown risks and
uncertainties, many of which are outside of the Company's control
that may cause the Company's actual results to be materially
different from planned or expected results. Those risks and
uncertainties include, but are not limited to, general economic
conditions, including inflation, recession, unemployment levels,
consumer confidence and spending patterns, credit availability and
debt levels, changes in store traffic trends, the cost of goods,
more stringent or costly payment terms and/or the decision by a
significant number of vendors not to sell us merchandise on a
timely basis or at all, trade restrictions, the ability to monetize
assets on acceptable terms, the ability to implement our strategic
plan including our omnichannel initiatives, customer acceptance of
our strategies, our ability to attract, motivate and retain key
executives and other associates, the impact of cost reduction
initiatives, our ability to generate or maintain liquidity,
implementation of new systems and platforms, changes in tariff,
freight and shipping rates, changes in the cost of fuel and other
energy and transportation costs, disruptions and congestion at
ports through which we import goods, increases in wage and benefit
costs, competition and retail industry consolidations, interest
rate fluctuations, dollar and other currency valuations, the impact
of weather conditions, risks associated with war, an act of
terrorism or pandemic, the ability of the federal government to
fund and conduct its operations, a systems failure and/or security
breach that results in the theft, transfer or unauthorized
disclosure of customer, employee or Company information, legal and
regulatory proceedings and the Company's ability to access the debt
or equity markets on favorable terms or at all. There can be
no assurances that the Company will achieve expected results, and
actual results may be materially less than expectations. Please
refer to the Company's most recent Form 10-K for a further
discussion of risks and uncertainties. Investors should take such
risks into account and should not rely on forward-looking
statements when making investment decisions. Any
forward-looking statement made by us in this press release is based
only on information currently available to us and speaks only as of
the date on which it is made. We do not undertake to update
these forward-looking statements as of any future date.
###
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: J. C. Penney Company, Inc. via Globenewswire
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