Sterne Agee analysts Charles Grom, Renato Basanta and John Parke turn their analytical skills to JC Penney, putting the company under a microscope with regard to Edward Record joining the team.
Edward Record is joining the team as new CFO of J.C. Penney
J.C. Penney Company, Inc. (NYSE:JCP)’s announcement that Edward Record is joining the team as new CFO is a very positive development for the company, in our view. To this end, based on our checks, Mr. Record is very well respected throughout the industry and will add a critical layer of capital discipline that J.C. Penney Company, Inc. (NYSE:JCP) requires at this stage of the game. Looking ahead, if CEO Mike Ullman can surround himself with additional hires in the coming months, the outlook for J.C. Penney Company, Inc. (NYSE:JCP) will certainly improve.
The Facts
Earlier this morning, J.C. Penney Company, Inc. (NYSE:JCP) announced that Ed Record has been named Executive Vice President and Chief Financial Officer (CFO), effective March 24, 2014. Record will succeed Ken Hannah, who will remain CFO through that date to ensure a smooth transition. In the role of CFO, Record will report directly to Chief Executive Officer (CEO) Mike Ullman and will join the company’s executive board.
Record’s Background
Ed Record has nearly 25 years of experience managing both the financial and operational performance of multiple retailers. Most recently, Record served as Chief Operating Officer (COO) of Texas-based retailer, Stage Stores Inc (NYSE:SSI) (SSI-$19.47-NR). During his six years at Stage, Record also served as CFO prior to his stint as COO. Before Stage, Record served as Senior Vice President of Finance at Kohl’s Corporation (NYSE:KSS) (KSS-$51.25-Neutral) and as a controller and Senior VP of Finance at Belk Inc (OTCMKTS:BLKIA) (BLKIA-$50.10-NR). Record also held a variety of finance positions at Federated stores earlier in his career.
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