Neiman Marcus Group said its interim chief financial officer and chief operating officer Michael Fung will be leaving the company at the end of June.
Longtime Neiman’s executive Dale Stapleton will take up the post on an interim basis.
Fung has worked with Neiman Marcus since November and came out of retirement to fill the cfo and chief operating officer roles on a temporary basis. He led the company’s finance, accounting and overall operations and was “instrumental” in stabilizing the NMG One omnichannel distribution system for the retailer.
Before his stint at Neiman’s, Fung was the interim cfo and treasurer for 99 Cents Only Stores and spent 11 years at Wal-Mart Stores Inc., where he served as cfo for Wal-Mart U.S. and senior vice president of global procurement and internal audit.
Neiman’s president and chief executive officer Karen Katz said Fung has “done an excellent job” for the company during his time there.
While the company intends to continue its search for a permanent replacement, Stapleton will take up the role in the meantime. Stapleton has been with Neiman’s for more than 16 years and has worked as senior vice president and chief accounting officer since 2010.
The role has been without a permanent head since Donal Grimes in November left Neiman’s for Sally Beauty Holdings, where he’s now vice president, cfo and chief operating officer.
Neiman’s officially put itself on the market in March after struggling with declining sales and earnings coupled with a debt load of $4.7 billion, which was built up in successive private equity takeovers.
While sale speculation immediately included Hudson’s Bay Co., Neiman’s has yet to secure an offer from any suitors.
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