New finance chief for Michaels

The Michaels Companies, named Denise Paulonis as executive VP – CFO, effective Aug. 29. The appointment is part of the retailer’s previously announced CFO succession plan.



Paulonis, currently senior VP – finance, succeeds Chuck Sonsteby, vice chairman and CFO. He will continue to serve as vice chairman and will retain executive responsibility for the growth and integration of Lamrite West and the management of Aaron Brothers stores.



“At Michaels, succession planning and ensuring we have the strongest leadership team to drive value for our customers, team members and shareholders, has always been a key priority,” said Chuck Rubin, chairman and CEO, The Michaels Companies, which operates 1,356 stores in 49 states and Canada under the brands Michaels, Aaron Brothers, and Pat Catan’s. “Since joining Michaels, Denise has built strong relationships with internal and external stakeholders and has been a critical leader of our finance and strategy teams. Her promotion reflects her financial expertise, deep knowledge of the company and strong leadership skills.”



Paulonis joined The Michaels Companies in 2014 as VP – investor relations, treasury and corporate finance. Prior to joining the company, she held various senior positions with PepsiCo and McKinsey & Company.