Luxury retailer loses interim key executive

The interim CFO of Neiman Marcus has resigned after seven months on the job.



Michael Fung will step down from his position as the luxury retailer’s interim CFO and COO, effective June 30. Fung temporarily left his retirement to join the company on an interim basis in November 2016.



During this tenure, Fung was responsible for leading finance, accounting and operations. He was instrumental in directing efforts to stabilize NMG One, the department store chain’s recently implemented common merchandise and distribution system that manages and sells inventory across its omnichannel operations.



“Since his arrival, NMG has made substantial progress in the areas that were the most affected by the implementation, including inventory receipts, visibility, presentation and fulfillment,” according to the retailer.



Fung took on the position following the resignation of Donald Grimes. Grimes joined Neiman Marcus in June 2015, after a seven-year stint at Wolverine World Wide where he was CFO. He resigned as Neiman Marcus’ CFO and COO after a mere 15 months on the job.



While Neiman Marcus continues its search for a permanent CFO, Dale Stapleton will assume the role of interim CFO. Stapleton has been with the company for more than 16 years, serving as senior VP and chief accounting officer since 2010.



Among the top priorities of the incoming finance chief will be how to tackle the company’s $4.8 billion in debt. This load is primarily the result of the company’s $6 billion leveraged buyout in 2013, when current owners Ares Management LP and CPPIB, acquired it from other private equity firms.



In March, the retailer announced it was exploring strategic alternatives, which could include a sale of the company or other assets.