On March 26, 2019, J. C. Penney Company, Inc. announced that its board of directors has elected Bill Wafford as Executive Vice President, Chief Financial Officer of the company, effective April 8, 2019. In connection with Mr. Wafford's election, Michael Fung will cease to serve as the company's Interim Executive Vice President, Chief Financial Officer effective April 8, 2019. Mr. Fung continues to serve as Interim Controller of the company.

Mr. Wafford most recently served as Executive Vice President, Chief Financial Officer of Vitamin Shoppe, Inc.