J.C. Penney CFO Jeffrey Davis to step down

Department store operator J.C. Penney Co Inc said on Thursday its Chief Financial Officer Jeffrey Davis plans to step down effective Oct. 1.

Senior Vice President of Finance Jerry Murray was named as interim chief financial officer, the company said in a statement.

Davis’ departure follows former Chief Executive Officer Marvin Ellison, who left the company in May to join home improvement chain Lowe’s Cos Inc.

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As of Thursday’s close, J.C. Penney’s shares have fallen about 45 percent this year. They were up 1.7 percent in extended trading.