Brian Marley, Belk Inc.’s executive vice president and chief financial officer, will retire in May and be succeeded by Adam Orvos, currently executive vice president of human resources.
Marley, a 12-year veteran of Belk, will serve as a consultant to the store for a year after he retires to assist in the transition and advise on financial matters. He will still serve on the investment committee of The Belk Foundation and the advisory board of the Belk School of Business at UNC-Charlotte. Marley was instrumental in establishing expense controls, capital planning processes and cash-management practices, enabling the department store chain to emerge from the recession with a strong balance sheet and more than $500 million in cash. Marley led the sale of Belk’s credit-card portfolio to GE and structured the financing of Belk’s acquisitions of the Proffitt’s/McRae’s and Parisian. He also spearheaded a capital allocation process that strengthened Belk’s balance sheet and supported growth initiatives.
Orvos joined Belk in 2006 as senior vice president of finance and corporate controller and was promoted to his current position in 2009. He began his retail career in 1987 with the May Department Stores Co. in St. Louis, serving as a senior vice president and cfo of the Foley’s division. “His experience as the chief financial officer of a division of May Department Stores and three years as our corporate controller have prepared him well for his new position. Adam is a talented executive and strategic thinker,” said Tim Belk, chairman and chief executive officer.