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JCPenney Stock Tumbles on CFO Departure

JCPenney stock was taking a hit Friday on news that the company’s CFO is leaving.

Jeffrey Davis, CFO for JCPenney (NYSE:JCP), is leaving the company behind to take up a position with another company. This will have the CFO officially leaving the company behind when Oct. 1, 2018 comes around.

“I am grateful for my time with the Company, leading some of the most talented teams in retail during a time of transition,” Davis said in a statement. “I have every confidence that JCPenney has the experience and determination to persevere and strengthen its position as one of America’s leading retailers.

The retail company already has an interim CFO ready to take over for Davis when he leaves, but that isn’t keeping JCPenney stock from falling today. The person temporarily taking over for Davis is Jerry Murray. Murray is the Senior Vice President of Finance for JCP.

So where exactly is Jeffery Davis going after he leaves JCPenney? The CFO will be taking up a similar position at Qurate Retail (NASDAQ:QRTEA,QRTEB). This will have him serving as the next CFO for the retail company.

Davis will come on as the CFO of Qurate Retail starting Oct. 15, 2018. He will be reporting directly to company President and CEO Mike George. The new CFO will be based out of the company’s headquarters in West Chester, Pa.

JCP stock was down 6% and QRTEB stock was up 4% as of Friday morning. JCP stock is down 50% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2018/09/jcpenney-stock-tumbles-on-cfo-departure/.

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