J.C. Penney CFO Record Steps Down

Edward Record, chief financial officer at J.C. Penney, is leaving the company effective July 11 to pursue other interests.

Record will remain with the company in an advisory capacity until August 7 to assist with the transition while a search for his replacement is conducted. Additionally, Andrew Drexler, svp/chief accounting officer and controller, will assume the position of Interim chief financial officer along with his current duties.

Record joined J.C. Penney as CFO in 2014. During his tenure, the company said it has retired more than $1.4 billion in debt, enhanced its revolving credit facility, and has obtained numerous credit rating upgrades.