J.C. Penney

(JCP) - Get Report

named Robert B. Cavanaugh chief financial officer and executive vice president, and the retailer, which had a rocky year in 2000, also set a host of other management changes.

Cavanaugh, 49 years old, succeeds Donald A. McKay, 55, who retired on Dec. 31. Cavanaugh is the current financial chief of

Eckerd

, a drugstore chain owned by J.C. Penney, and has been with the company in various roles for more than 20 years.

Stephen F. Raish, 50, has been named the new chief information officer to succeed David V. Evans, 56, who also retired on Dec. 31. Raish most recently served as the president of the

ACT Initiative

, a strategic task force established to review the company's merchandising processes. He has been with J.C. Penney for 28 years.

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John E. Fesperman, 55, who has served as the president and operating chief of J.C. Penney's direct marketing, credit and facilities services since 1997, also retired. His duties will be restructured and an announcement will be made at a later date.

The company, based in Plano, Texas, said the changes were made to "leverage the talents of our senior leadership team to deliver sustainable results through every level of our organization."

Shares of J.C. Penney closed higher, gaining $1.44, or 13.6%, to $12 in regular session

New York Stock Exchange

trading today.