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JCPenney Taps Jeffrey Davis, Former Walmart Exec, As New CFO

Just two weeks after JCPenney chief financial officer Edward Record announced he would step down, the chain has selected its new exec: Jeffrey Davis.

Davis, who most recently served as chief financial officer at Darden Restaurants, spent nine years at Walmart, eventually serving as executive VP and chief financial officer for Walmart Stores U.S.  He left Walmart in 2015. 

Davis will succeed senior VP, chief accounting officer and controller Andrew Drexler, who had been serving as interim chief financial officer. He will report to Marvin R. Ellison, chairman and chief executive officer of JCPenney.

According to JCPenney, Record stepped down on July 11 “to pursue other interests.”

While declining apparel sales has caused the longtime chain to struggle, it has taken proactive steps to diversify beyond this core category. The company re-entered major appliances last year — a positive move that led JCPenney to announce it would increase the number of showrooms and add more majap brands.

In March, it announced it would team with Samsung for a test of in-home services for the smart home.