J.C.Penney Announces Departure Of Chief Financial Officer

7/11/17

PLANO, Texas - (July 10, 2017) - J. C. Penney Company, Inc. (NYSE: JCP) today announced that Edward Record has informed the Company of his intention to step down from his position as executive vice president, chief financial officer effective July 11 to pursue other interests. Record will remain with the Company in an advisory capacity until Aug. 7 to assist with the transition while a search for his replacement is conducted. Additionally, Andrew Drexler, senior vice president, chief accounting officer and controller, will assume the position of Interim chief financial officer along with his current duties.

Record joined JCPenney as chief financial officer in March 2014. During his tenure, the Company retired over $1.4 billion in debt, enhanced its revolving credit facility, and has obtained numerous credit rating upgrades.

Ed Record stated, "I've had a very rewarding experience at JCPenney, and am proud of the work we have undertaken to strengthen the company's financial condition. JCPenney is well positioned for the future, and I will continue to follow the company closely as the team builds on the positive momentum it has experienced over the last few years."

"On behalf of our board and leadership team, I want to thank Ed for his service and dedication to JCPenney during a challenging turnaround and a competitive retail climate. We wish him much success in his future endeavors," said Marvin R. Ellison, chairman and chief executive officer. "The timing of his departure coincides with a demonstrated sales performance improvement in the second quarter, and we continue to expect to report significantly improved top-line results this quarter versus the first quarter. We look forward to sharing more details on August 11."

About JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation's largest apparel and home furnishings retailers, is on a mission to ensure every customer's shopping experience is worth her time, money and effort. Whether shopping jcp.com or visiting one of over 1,000 store locations across the United States and Puerto Rico, she will discover a broad assortment of products from a leading portfolio of private, exclusive and national brands. Supporting this value proposition is the warrior spirit of over 100,000 JCPenney associates worldwide, who are focused on the Company's three strategic priorities of strengthening private brands, becoming a world-class omnichannel retailer and increasing revenue per customer. For additional information, please visit jcp.com.

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