Neiman Marcus CFO to depart after less than 18 months

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Neiman Marcus CFO to depart after less than 18 months

By Marianne Wilson - 09/04/2019
Neiman Marcus Group is once again on the hunt for a finance head.

The luxury retailer announced that Adam Orvos, executive VP, chief financial officer and operating officer is resigning to join another company. He will remain with Neiman Marcus through October 11, 2019 to assist with the transition.

Orvos joined Neiman Marcus in April 2018, replacing Dale Stapleton, chief accounting officer, who had been acting as interim CFO since June 2017. Immediately prior joining to Neiman Marcus, Orvos was CEO of Total Wine & More.

A search has begun for Orvos’ replacement.

“Adam has been a passionate advocate for our transformation,” said Geoffroy van Raemdonck, Neiman Marcus Group CEO. “Most importantly, he guided us through our debt refinancing, which was recently completed and has provided us ample runway to execute our strategy. Our business is on solid ground as we enter the new fiscal year with renewed energy for our mission. We thank him for his contributions and wish him well on the next chapter in his career.”

Neiman Marcus remains under pressure from a debt load. But it was recently able to buy itself more time via a debt exchange that extended the due dates.