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JC Penney Appoints Bill Wafford CFO
The former CFO of The Vitamin Shoppe has also held positions at Target and Walgreens Boots Alliance.
The retailer plans to close 27 underperforming stores in its second quarter as part of its turnaround plan.
Plano, Texas—J.C. Penney Co. Inc. is once again shaking up its executive team, appointing Bill Wafford, former CFO of The Vitamin Shoppe, as its new executive vice president and chief financial officer as of April 8.
He succeeds interim CFO Michael Fung, who stepped in after former CFO Jeffrey Davis stepped down last September after just a little over a year on the job.
Wafford previously was a partner in the advisory practice group of KPMG and held positions at Archstone Consulting and Bank of America. He spent five years with Walgreens Boots Alliance, where he was involved in the acquisition of Alliance Boots.
He brings retail experience to the table as well, having managed the financial planning and analysis for Target’s women’s and men’s apparel divisions.
In his new position, Wafford will be tasked with overseeing the retailer’s finance and accounting operations.
JCPenney noted Wafford’s role in reducing debt, decreasing inventory and improving operating income during his time with The Vitamin Shoppe.
“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,” CEO Jill Soltau said.
The retailer reported a better-than-expected fourth quarter in February but struggled through a lackluster holiday season.
Quarterly same-store sales dipped 4 percent, while full-year revenue slid 7 percent, amounting to a $255 million net loss.
The company announced it will be closing 27 underperforming stores, including 18 department stores and nine home and furniture stores, in its second quarter as part of its fiscal 2020 turnaround plan to get the business back on track.
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