FINANCE

J.C. Penney CFO to step down on Friday

BY Marianne Wilson

New York — J.C. Penney Co. on Wednesday said that CFO Michael Dastugue will depart the company, effective April 13. Dastugue, 47, has been at J.C. Penney since 1991. He was named CFO in January 2011. His departure is the latest shake-up in management as new CEO Ron Johnson works to transform the chain.

Mike Kramer, COO, will assume the CFO duties on an interim basis while a search for a replacement is conducted. Kramer joined J.C. Penney in December, shortly after his former boss at Apple Inc., Ron Johnson, became J.C. Penney’s CEO.

Dastugue’s departure comes less than a week since J.C. Penney said it would cut 900 jobs to cut costs.

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OPERATIONS

Lowe’s CIO to retire

BY Staff Writer

Mooresville, N.C. — Lowe’s Cos. announced that Michael K. Brown, executive VP and CIO, will retire after almost 28 years with the company. The company has begun a search for a replacement. Brown will continue to serve in his present role for a period of time to assist with the transition.

Brown was named CIO in 2011 after a 26-year career in store operations and merchandising. He joined the company in 1984.

“After a successful career in store operations and merchandising, Mike took on responsibility for the company’s IT function, upgrading technology and store infrastructure, positively impacting employees’ ability to access information and better serve customers said Robert A. Niblock, chairman, president and CEO. “We respect Mike’s decision to go a different direction and wish him well.”

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STORE SPACES

Walmart expands solar commitment in Colorado

BY Marianne Wilson

Bentonville, Ark. — Walmart announced six SolarCity projects on stores in Colorado, marking the company’s 100th solar power installation in the United States and moving it closer to its long-term goal of using 100% renewable energy for all its retail and distribution facilities.

“Solar power continues to show promise as an alternative to traditional power for its environmental and economic benefits,” said Kim Saylors-Laster, Walmart VP energy. “We are proud to work with SolarCity and the state of Colorado on this project that creates local jobs, and ultimately helps Walmart reduce its energy costs, so that we can continue to pass on savings to our customers."

The installations, totaling two megawatts on three stores in Westminster and one each in Lakewood, Highlands Ranch and Lafayette, will help Colorado meet its ambitious renewable energy goals. Colorado hopes to produce 30% of its electricity from renewable sources by 2020. These projects demonstrate that solar can be cost-effective even in the large flat-roof environment where high wind and snow can pose challenges for solar projects, Walmart said.

Despite the winter weather, Colorado currently ranks fifth among the country’s top 10 states for the total amount of solar capacity installed. SolarCity engineered and delivered a customized, cost-effective solution to meet the requirements of large, flat rooftop-solar systems operating in the Rocky Mountain climate.

When complete, Walmart’s SolarCity projects in Colorado are expected to generate nearly three million kilowatt-hours of clean, renewable energy per year, which is the equivalent of powering more than 225 homes.

“With these six solar power systems in Colorado, we reach an exciting milestone of 100 solar power installations on U.S. Walmart stores, clubs, and distribution centers,” said Marty Gilbert, Walmart director of energy.

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