Seven months after then-CFO Donald Grimes left to join Sally Beauty, Neiman Marcus is still searching for someone to take the position permanently. Michael Fung, who has served as Interim EVP, CFO and COO of Neiman Marcus since November 2016, will depart effective June 30, 2017.
Fung’s planned departure from the company is “not the result of any disagreement regarding any matter related to parent’s or the company’s operations, policies or practices,” according to an SEC filing.
In this most recent role, Fung led the luxury retailer’s finance and accounting departments and directed efforts to stabilize NMG One, the retailer’s recently implemented common merchandise and distribution system, designed to manage and sell inventory across its omnichannel operation. But Neiman Marcus continued its slide in its most recent quarter, leading the brand to put itself up for a potential sale a few months after dropping its IPO plans.
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The next CFO will have to deal with the retailer’s $4.9 billion debt burden, and an overarching interest payment of $600 million due to creditors by July 2021.
As of June 30, while NMG continues its search for a permanent Chief Financial Officer, Dale Stapleton will assume the role of Interim CFO. Stapleton has been with Neiman Marcus Group for more than 16 years, serving as Senior VP and Chief Accounting Officer since 2010.
Fung initially arrived at Neiman Marcus as a consultant after serving as Interim CFO and Treasurer of 99 Cents Only Stores, and took on the Interim EVP, CFO and COO position after Grimes’ tenure lasted only 17 months.
