JCPenney Announces Michael Fung As Interim CFO Transition

PLANO, Texas — October 29, 2018 — J.C. Penney Co. Inc. today announced that Michael Fung is temporarily joining the company as interim CFO effective October 30, succeeding Jerry Murray who will resume his responsibilities as senior vice president of finance. Fung is an accomplished executive with over 40 years of broad finance experience, including corporate finance, strategy, financial planning and analysis, across multiple consumer and retail organizations. He recently served as interim CFO for Neiman Marcus Group and 99 Cents Only Stores following his retirement from Walmart Stores.

“We welcome Michael’s CFO experience and guidance as we continue our search for a permanent Chief Financial Officer. As I continue to assess the opportunities surrounding the company’s business, his appointment helps JCPenney benefit from the expertise of a seasoned retail CFO who has supported other retailers during a pivotal time in their evolution and helped deliver meaningful progress. His knowledge and contributions will be a valuable addition to our senior leadership team as we work together to develop solutions and drive decisions that are in the best interest of our customers and shareholders,” said Jill Soltau, CEO of JCPenney. “Additionally, I want to thank Jerry for his dedication and support over the past several weeks. His servant leadership enabled a seamless transition following the departure of the Company’s former CFO.”

Fung brings more than 23 years of experience in value-oriented retail and finance operations, having served for more than a decade in senior financial roles at Walmart Stores, including most recently as senior vice president and CFO of Walmart Stores U.S. from 2006 to 2012. Prior to Walmart, he served in the top finance positions at several large corporations, including vice president and CFO for Sensient Technologies Corp., senior vice president and CFO for Vanstar Corp., and vice president and CFO for Bass Pro Shops Inc.

Fung received a Master of Business Administration from the University of Chicago’s Booth School of Business and a Bachelor of Science in accounting from the University of Illinois at Chicago.

Posted October 29, 2018

Source: J. C. Penney Co.