J.C. Penney Names New Chief Financial Officer

By: AP
By: AP

PLANO, Texas (AP) -- J. C. Penney Co. is appointing a new chief financial officer as the department store operator tries to reshape its business.

Ken Hannah will take over as CFO on Monday.

The company's former chief financial officer, Michael Dastugue, left in April just days after the company announced it will cut hundreds of jobs and transform every aspect of its business.

Hannah, 43, was most recently president of solar energy at MEMC Electronic Materials. He has also worked at a number of other companies, including General Electric, Boeing and The Home Depot.

J.C. Penney is trying to redesign everything -- from its management team to store promotion strategy -- to boost sagging sales.

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