JC Penney has announced that chief financial officer (CFO) Michael Dastugue will be leaving the company and that chief operating officer (COO) Michael Kramer will assume the CFO duties, in an interim capacity, while a search for a new CFO is conducted.
With two decades of operating and financial experience in the retail industry, Kramer joined JC Penney in December 2011, after previously serving for three years as president and chief executive officer (CEO) of Kellwood Company. Prior to that, he was executive vice president (EVP) and CFO at Abercrombie & Fitch and previously served as CFO of Apple Retail. He had also held key financial leadership roles at The Limited, Pizza Hut and Einstein Noah Bagel. He is a certified public accountant (CPA).
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