Hannah To Step Down; J.C. Penney Names New Chief Financial Officer

J.C. Penney's (NYSE: JCP) Chief Financial Officer, Ken Hannah, said that he is leaving the company effective March 24. Neither Hannah, nor the company, offered a reason for the executive's departure.

The company on Thursday named Ed Record as Hannah's successor and will also assume the title of Executive Vice President. Record previously served as Chief Operating Officer at Stage Stores and served stints at Kohl's and Belk.

Earlier this month, J.C. Penney disappointed investors when it reported that it had failed to meaningfully improve sales in the all-important holiday quarter.

Related: Brian Sozzi's Retail Roundup, Part 1: JC Penney

Mental note: JC Penney CFO change just before loss per share report February 26 after market close $JCP

— Brian Sozzi (@BrianSozzi) February 13, 2014

Charles Grom of Sterne Agee said that Record's appointment to J.C. Penney is a “very positive development,” as Record is “very well respected” in the retail community.