Sep 28, 2018

JCPenney CFO to depart by end of September

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.

Go deeper

Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship. South Korea also announced its first death Thursday.

The big picture: COVID-19 has now killed more than 2,200 people and infected over 75,465 others, mostly in mainland China, where the National Health Commission announced 118 new deaths since Thursday.

Go deeperArrowUpdated 6 hours ago - Health

SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.