C-SUITE

J.C. Penney still on hunt for CFO; names Walmart vet as temporary replacement

BY Marianne Wilson

J.C. Penney Company has named its second interim chief financial officer in a month.

The retailer announced that Michael Fung is temporarily joining the company as interim chief financial officer, effective Oct. 30. He succeeds Jerry Murray, who will resume his responsibilities as senior VP of finance. Murray took on the job on an interim basis at the beginning of October following the resignation of former CFO Jeffrey Davis. (Davis was subsequently named CFO of Qurate Retail, whose brands include QVC and HSN.)

Fung, who has over 40 years of broad finance experience, has stepped into this role before. He recently served as interim CFO for Neiman Marcus Group and 99 Cents Only Stores following his retirement from Walmart Stores.

“We welcome Michael’s CFO experience and guidance as we continue our search for a permanent chief financial officer,” said Jill Soltau, who took the reins as CEO of Penney on October 15. “As I continue to assess the opportunities surrounding the company’s business, his appointment helps JCPenney benefit from the expertise of a seasoned retail CFO who has supported other retailers during a pivotal time in their evolution and helped deliver meaningful progress.”

Fung served for more than a decade in senior financial roles at Walmart Stores, including most recently as senior VP and CFO of Walmart Stores U.S. from 2006 to 2012. Prior to Walmart, he served in the top finance positions at several large corporations.

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