J.C. Penney has appointed Michael Fung as interim chief financial officer. He will succeed Jerry Murray, who will resume his responsibilities as svp/finance.
Fung is an accomplished executive with over 40 years of broad finance experience, including corporate finance, strategy, financial planning and analysis, across multiple consumer and retail organizations. He recently served as interim chief financial officer for Neiman Marcus Group and 99 Cents Only Stores following his retirement from Walmart Stores. Fung served for more than a decade in senior financial roles at Walmart Stores, including most recently as svp/chief financial officer of Walmart Stores U.S. from 2006 to 2012.
“We welcome Michael’s CFO experience and guidance as we continue our search for a permanent chief financial officer. As I continue to assess the opportunities surrounding the company’s business, his appointment helps J.C. Penney benefit from the expertise of a seasoned retail CFO who has supported other retailers during a pivotal time in their evolution and helped deliver meaningful progress. His knowledge and contributions will be a valuable addition to our senior leadership team as we work together to develop solutions and drive decisions that are in the best interest of our customers and shareholders,” said Jill Soltau, CEO of J.C. Penney.