JCPenney Names New Chief Financial Officer

Plano, Texas — J. C. Penney Company, Inc. has named Bill Wafford, a highly accomplished retail executive with over 25 years of broad finance experience, as executive vice president, chief financial officer, effective April 8. He joins JCPenney from The Vitamin Shoppe.

Reporting to CEO 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.

“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,” says Soltau. “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.”

Wafford most recently served as executive vice president, chief financial officer for The Vitamin Shoppe where he oversaw all aspects of the company’s finance strategy and execution including accounting, real estate, international operations, mergers and acquisitions, corporate strategy, advanced analytics, investor relations, procurement and internal audit functions. During his tenure with The Vitamin Shoppe, he played a significant role in reducing debt, decreasing inventory and improving operating income in 2018. He joined The Vitamin Shoppe in 2017 as senior vice president overseeing strategy, finance, international operations and business development.

Prior to Vitamin Shoppe, past retail experience includes financial posts at Walgreens and Target Corporation.

J. C. Penney Company, Inc., one of the nation’s largest apparel and home retailers, has more than 860 stores across the United States and Puerto Rico. For more information, visit www.jcp.com.

 

SOURCE: J. C. Penney Company, Inc.

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