Shares of J.C. Penney (JCP) plunged in morning trading after the retailer's Chief Financial Officer announced he is resigning after less than two years. The resignation follows the departures of the company's former CEO and Chief Customer Officer earlier this year.

On Thursday after the market close, J.C. Penney said CFO Jeffrey Davis is resigning from his position to pursue another opportunity. His departure is effective October 1. As J.C. Penney looks for Davis' replacement, the company said Jerry Murray, senior VP of finance, will serve as interim CFO. Murray joined the company in February 2016 after serving as CFO for Valassis, a multimedia marketing firm. The retailer said it will consider both internal and external candidates to replace Davis, who has been CFO since July 24, 2017.

What's notable:

Davis' departure follows former CEO Marvin Ellison, who left the company in May to become CEO of Lowe's (LOW). Later in the summer, Chief Customer Officer Joe McFarland quit after less than a year to become executive vice president, stores, at Lowe's. Following Ellison's departure, J.C. Penney created an "Office of the CEO," comprised of Davis, McFarland, Chief Information Officer and Chief Digital Officer Therace Risch and EVP of Supply Chain Mike Robbins. Just two of those executives are still working at J.C. Penney, and the retailer has yet to name a replacement for Ellison. In August, J.C. Penney cut its outlook for fiscal 2018 and said hiring a new CEO is the board's "top priority."

Telsey Advisory Group analyst Dana Telsey said in a research note that Davis' departure "creates another overhang" to the J.C. Penney story in addition to the vacancy left by former CEO Ellison, CNBC reported. "While there have been some recent green shoots in the company's business trends, including the recovery in the women's apparel business, success in Sephora and continued strength in active, [Penney] is in need of more consistency in its performance," Telsey said.

Price action

In morning trading, shares of J.C. Penney were down almost 10% to $1.56.