Department store JCPenney announced Bill Wafford as the company’s new executive vice president and chief financial officer effective April 8.
Wafford has 25 years of experience and has previously worked for KPMG and Walgreens Boots Alliance.
Reporting to chief executive officer Jill Soltau, Wafford will be responsible for providing strategic leadership and driving operational excellence in addition to leading all aspects of the company’s finance and accounting operations. He succeeds Michael Fung, interim chief financial officer, who will remain with the company through the end of April to allow for a seamless leadership transition.
“Bill brings extraordinary depth and breadth of experience to our executive team. His first-hand knowledge and understanding of financial turnarounds will help JCPenney deliver improved results and drive profitable growth. Additionally, his extensive career supporting global retail and consumer brand companies will prove instrumental as we continue to strengthen our capabilities, optimize our product selection, and reduce unproductive inventory to effectively meet and exceed shoppers’ expectations.” – Jill Soltau, Chief Executive Officer, JCPenney
Meanwhile, the department store is still in financial slump and as a result, is shuttering 27 of its 860 stores in 2019.
Most of the stores are set to close by July 5, the company confirmed, but home and furniture outlet inventory will be sold throughout the summer with final closing dates in the fall.