J.C. Penney names new CFO

J.C. Penney has named Jeffrey Davis their new chief financial officer. He will replace Edward Record who resigned earlier this month. Andrew Dexler has been serving as CFO in the interim.

Prior to J.C. Penney, Davis was CFO of Darden Restaurants, which owns and operates restaurants such as Olive Garden, LongHorn Steakhouse, Seasons 52 and The Capital Grille. He has also served as CFO of Walmart.

"He brings decades of finance, treasury and strategy experience from a host of leading companies, and will make an outstanding addition to our team," said J.C. Penney CEO Marvin Ellison in a statement. "Jeff's expertise will also be a tremendous asset to J.C. Penney as we continue to differentiate our business in a competitive retail climate and further strengthen our balance sheet moving forward."

Davis' challenge will be attracting in-store customers in an era where more customers have turned to online shopping. Still, Davis is optimistic about taking on the challenge.

"J.C. Penney is a mainstay in American retailing, and I'm proud to have the opportunity to sustain its rich legacy alongside a group of dedicated associates committed to differentiating the Company from its traditional competitors," Davis said in a statement. "I look forward to working with our teams in Plano and Salt Lake to continue strengthening the financial position of J.C. Penney, further propelling the company's momentum."