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The Wall Street Journal: J.C. Penney announces another interim CFO

J.C. Penney Co. named its second interim finance chief Monday, after its CFO abruptly resigned last month.

Michael Fung will join the Plano, Texas, retailer Tuesday. He assumes the interim role from Jerry Murray, who was named interim CFO when Jeffrey Davis resigned in September. Murray will return to his previous position as senior vice president of finance.

Fung, 67, previously held interim executive roles at Neiman Marcus Group Ltd. and 99 Cents Only Stores LLC. He was also finance chief of Wal-Mart Stores U.S., from which he retired in 2012. He will collect a monthly salary of $65,000, among other compensation, according to a company filing.

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