JCPenney’s CEO left in Might. Now its second in command is out too.
Penney stated Thursday that Jeffrey Davis, the corporate’s chief monetary officer, was resigning 14 months after taking the job. Jerry Murray, a high govt, will take over because the interim finance chief.
Davis’ departure marked one other signal of hassle at JCPenney (. The corporate’s inventory has slipped 45% this 12 months, pushed down by Marvin Ellison’s exit to take the highest job at Lowe’s. Penney has not changed Ellison but. )
On Friday, shares fell 9% to round $1.60, a file low.
“They’re in a leaky boat that ultimately will sink,” Mark Cohen, the director of retail research on the Columbia Enterprise Faculty, told CNNMoney last month. “The prognosis for the long run just isn’t happiness.”
Penney is greater than $four billion in debt. The corporate has posted a revenue in solely two quarters over the previous 4 years. In its most up-to-date quarter, Penney lost $101 million and was compelled to low cost to clear a glut of…