JCPenney's new logo, signaling a "transformation" of its business
JC Penney appoints Hannah as CFO
Plano, TX—JCPenney announced last week that it has appointed Ken Hannah as chief financial officer,replacing Michael Dastugue who left as CFO after only 15 months.
The company said that Hannah brings more than 20 years of finance, operations and audit experience from a range of leading companies that include General Electric, Boeing and Home Depot. He was most recently president of solar energy at MEMC Electronic Materials.
“Ken brings a broad knowledge of finance, controls and operations to the CFO role,” said Ron Johnson, JCPenney’s ceo. “In addition, his experience with top companies known for financial and operational excellence will be instrumental in helping JCPenney as we transition to become America’s favorite store. We’re pleased to welcome Ken to the JCPenney’s team.”
Gap Inc. Appoints Larsson as Global President at Old Navy
San Francisco—Gap Inc. last week appointed Stefan Larsson, a veteran of nearly 15 years with H&M, as the first global brand president for Old Navy. Larsson will join the company by October. The announcement comes as Gap Inc. prepares to open its first Old Navy store outside North America, in Japan, in July.
“Stefan is a rising star within apparel retail, with proven experience in the value sector. He’s tackled some of the most complex challenges in our industry and has a deep appreciation for the need to balance great product and operational excellence,” said Glenn Murphy, Gap chairman and ceo, said. “Stefan understands Old Navy’s unique brand positioning and significant potential for future growth in North America and around the world.”
Larsson was part of the team responsible for growing H&M, with revenues increasing from about $3 billion to about $17 billion and operations expanding from 12 to 44 countries. Larsson most recently served as head of Global Sales for H&M with responsibility for about 2,300 stores worldwide. His role encompassed all aspects of the business that are customer-facing: product and visual merchandising, store operations, store design and development, inventory management, and customer service.
Previously, Larsson was responsible for successfully orchestrating the company’s global expansion by leading real estate, store design and store construction. Other roles included overseeing the launch of H&M on the West Coast, and spending nearly seven years with the company in numerous global roles with responsibility for product, including merchandising, assortment development, planning and production for the company.
Charlie McGuigan Named COO at Limited Brands
Columbus, OH—Charlie McGuigan, who has been ceo of Mast Global, a sourcing and production division of Limited Brands, has been named chief operating officer at Limited Brands. In addition to retaining his current responsibilities, he will assume leadership of enterprise operations.
Martyn Redgrave, Limited Brands chief administrative officer, will transition to the role of senior advisor for the company later this summer.
“Charlie has exhibited great insight and vast knowledge in a variety of leadership roles at Limited Brands. I appreciate his ability to bring teams together to deliver results and look forward to working with him in his new role,” said Leslie H. Wexner, chairman/ceo at Limited Brands.
McGuigan joined Limited Brands in May 2004 as senior vice president in the technology services function for the company. Prior to joining Limited Brands, he worked for Cap Gemini Ernst & Young as a leader in consumer, product and retail practices.
Redgrave joined Limited Brands in 2005. Prior to joining the company, Redgrave held leadership positions at Carlson Companies, Inc. and Pepsico, Inc. He currently serves on the board of directors of Deluxe Corporation and United Way of Central Ohio.
