Mark Sweeney, senior vice president and controller at J.C. Penney Company, Inc. (NYSE:JCP) departed from his position effective September 20, 2013.
Dennis Miller to take over the responsibility of Sweeney
The management of the department store chain immediately appointed Dennis Miller to take over the responsibility of Sweeney. Miller serves as senior vice president of finance at J.C. Penney Company, Inc. (NYSE:JCP). In addition to his role, Miller is also responsible for overseeing the Shared Services Center of the retailer in Salt Lake City.
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Miller previously served as senior vice president and controller for J.C. Penney Company, Inc. (NYSE:JCP) from June 2008 to September 2012. Prior to that, he worked as vice president, director of procurement and strategic sourcing for the department store chain from 2004 to 2008.
Eckerd was a former drugstore subsidiary of J.C. Penney
Prior to his position at J.C. Penney Company, Inc. (NYSE:JCP), Miller worked at Eckerd Corporation as president and chief financial officer. Eckerd Corporation was a former drugstore subsidiary of J.C. Penney.
Sweeney’s departure came prior to analysts’ reports that J.C. Penney Company, Inc. (NYSE:JCP) could face liquidity problems. Yesterday, an analyst from Goldman Sachs noted that the department store chain is burning cash faster than expected, and it needs to borrow additional cash to maintain its liquidity.
In a note to investors, Goldman Sachs analyst, Kristi McDuffy wrote that J.C. Penney Company, Inc. (NYSE:JCP) might confront a liquidity problem due to a combination of factors such as inventory, weak fundamentals, and underperforming home improvement. Because of the warning, the stock price of the company plummeted by 15 percent to $10.12 a share yesterday.
Citigroup analyst, Deborah Weinswig released a report indicating that the department store chain has enough liquidity for 2013, but she warned that J.C. Penney Company, Inc. (NYSE:JCP) might need to raise additional cash to cushion against a possibly challenging holiday season.
Shares of J.C. Penney fluctuated
The shares of J.C. Penney Company, Inc. (NYSE:JCP) fluctuated and ended the trading session on Thursday at $10.42 a share, up by 2.96 percent, mainly due to the statement of the company that its sales are growing and it is pleased with the progress of its turnaround efforts.