JCPenney: shares plunge after CFO leaves

(CercleFinance.com) - J.
C. Penney said that Jeffrey Davis, its chief financial officer for a little over a year, has resigned, resulting in the company's shares falling almost 9% to new all-time lows.

In a statement late on Thursday, the US retailer said that Davis was resigning from his position as executive vice president and chief financial officer effective as of 1 October, to pursue "another opportunity."

Jeffrey Davis joined the company in July 2017 from Olive Garden owner Darden Restaurants.

Jerry Murray, senior vice president of finance, will assume the position of interim chief financial officer. Murray joined the company in February 2016 after serving as chief financial officer for Valassis, a multimedia marketing firm.

J. C. Penney shares were down 8.7% at 1.58 dollar in early morning trading in New York today. They reached an all-time low of 1.56 dollar earlier in the session.

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