Sep 27, 2018 - Economy

JCPenney CFO to depart by end of September

JC Penny storefront.

Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images

JCPenney will soon be on the hunt for a new chief financial officer after Jeffrey Davis announced the he will leave the retailer by the end of this month, according to the Financial Times.

Why it matters: The retailer — whose chief executive left to be CEO of Lowes — has had a rocky year adapting to the shifting dynamic of online shopping. The company is $4 billion in debt with a stock price below $2 a share. Davis has been with the company since February 2016, and is stepping down “to pursue another opportunity,” effective October 1.

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