J.C. Penney names new finance chief

J.C. Penney on Thursday said its Chief Financial Officer would step down next month and be replaced by an executive with a finance background who has worked at other department stores.

Ken Hannah, who took the CFO job in May 2012, will step down March 24. The company gave no reason for his departure.

He will be succeeded by Ed Record, who earlier in his career worked at retailers such as Stage Stores and Kohl's, where he was a senior vice president of finance, and at Belk, where he was controller and a vice president of finance.