A shakeup in the offices of J C Penney Company Inc (NYSE: JCP) put the department store chain in the news Tuesday, after the company reported that its CFO Edward Record is stepping down.
A release issued by the company Tuesday morning says Record will remain with the Company in an advisory capacity until Aug. 7 to assist with the transition while a search for his replacement is conducted. Additionally, Andrew Drexler, senior vice president, chief accounting officer and controller, will assume the position of Interim chief financial officer along with his current duties.
Record joined JCP as chief financial officer in March 2014. Between then and now, the Company retired over $1.4 billion in debt, enhanced its revolving credit facility, and has obtained numerous credit rating upgrades.
Getting the company’s debt down has been a battle for Penney, but one the company says is being won. In mid-June, Penney completed the refinancing of its $2.35 billion senior secured asset-based revolving credit facility.
The amended and restated facility provides improved pricing terms and extends the maturity from 2019 to 2022. The revolving line of credit will remain available for seasonal working capital needs and general corporate purposes.
Plus, to bring in more customers, Penney today launched a new and improved JCPenney Rewards program. First introduced in 2008, the retailer's customer loyalty program has been enhanced with new benefits and features that allow greater flexibility and reward earning potential.
Penney stock was in the green as the morning wore on Tuesday, gaining eight cents, or 1.7%, to $4.56, towards the bottom of a 52-week trading range of $4.17 to $11.30.
