Neiman Marcus announces CFO departure

By

Gabriella Lacombe

Published
Sep 17, 2019

American department store company Neiman Marcus Group has announced the resignation of Adam Orvos from his role as executive vice president, chief financial officer and operating officer, after spending less than 18 months in the role. 

Orvos began as CFO in April of 2018 following then-interim CFO Dale Stapleton, who took on the role in June of 2017. 

According to a press statement, Orvos will remain with Neiman Marcus through October 11 of 2019, and will work with company leaders and the executive team to find his replacement. According to the company, Orvos is leaving to join another company.

“[Orvos] 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.”

A replacement for Orvos has not yet been named.

The CFO’s exit follows the appointment of Ralph Lauren alumni Lana Todorovich as its new president and chief merchandising officer earlier this month. 

In addition to its namesake Neiman Marcus brand, the Neiman Marcus Group portfolio also includes Bergdorf Goodman, Horchow and e-retailer MyTheresa.

As the company works through strategies to update its experiential and digital offerings and become a ‘luxury customer platform,’ it recently reported a loss of $31.2 million in the third quarter, with net losses increasing to $31.2 million from $19.9 million a year earlier and revenue decreasing 1.5% year-on-year to $1.1 billion.