J.C. Penney names Bill Wafford as new CFO
J.C. Penney Company, Inc. has appointed Bill Wafford as its new executive vice president and chief financial officer, effective April 8.
In his new role, Wafford will be responsible for providing strategic leadership and driving operations, in addition to leading all aspects of the company’s finance and accounting operations.
A retail executive with over 25 years of broad finance experience, he will report to Jill Soltau, the company's chief executive officer. He succeeds interim chief financial officer Michael Fung, who will remain with the company through the end of April.
"[Wafford's] first-hand knowledge and understanding of financial turnarounds will help J.C. Penney deliver improved results and drive profitable growth," said Soltau in a release. "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 nutritional supplements company The Vitamin Shoppe, where he managed 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 time at the company, he played a significant role in reducing debt, decreasing inventory and improving operating income. He first joined The Vitamin Shoppe as senior vice president in 2017.
Prior to The Vitamin Shoppe, Wafford also served as a partner in the advisory practice group of KPMG, held various executive roles with Walgreens, and served in multiple finance-related positions with companies including Target Corporation.
J.C. Penney appears to be finding success with its latest strategy rethink, which focuses on its core customer base of middle-aged women. In late February, the company announced that comparable-store sales had fallen at a lower pace than expected, causing shares to jump by 21 percent.
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