JC Penney CFO to Leave Company

Penney's CFO to leave in wake of bigger shakeup

J.C. Penney Co. says Chief Financial Officer Michael Dastugue will leave the company Friday in the wake of a broader shakeup of the department store operator's business.

The company said Wednesday that Chief Operating Officer Michael Kramer will serve as interim CFO while it looks for a permanent replacement.

The announcement comes less than a week after J.C. Penney said it laid off 600 workers, or 13 percent of the staff at its headquarters in Plano, Texas, as the company looks to streamline its operations.

The company's new CEO, former Apple Inc. executive Ron Johnson, is transforming every aspect of Penney's business, from pulling back on constant promotions to rethinking the brands it carries.

Shares of J.C. Penney added 72 cents, or 2.2 percent, to $33.93 in midday trading.

Copyright AP - Associated Press
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