4 Penney Execs Retire; 2 Managers Promoted

Four top executives of J.C. Penney Co. retired over the weekend and two longtime managers at the troubled retailer were promoted to chief financial and information positions, the company said. Robert B. Cavanaugh, 49, was named chief financial officer, replacing Donald A. McKay, 55, who retired effective Sunday, the company said. Cavanaugh had been chief financial officer of Penney’s Eckerd drugstore chain. Stephen F. Raish, 50, was named chief information officer. A 28-year Penney veteran, Raish had recently led a task force that reviewed the company’s merchandising processes. Raish replaces David V. Evans, 56, who also retired effective Sunday. John E. Fesperman, 55, president and chief operating officer of the Plano, Texas-based company’s direct marketing and credit operations, and Randy S. Ronning, 51, president of Internet and catalog sales, also retired. Penney shares rose $1.44 to close at $12 on the NYSE.