Neiman Marcus CFO Don Grimes steps down effective immediately
Donald T. Grimes, the Executive Vice President, Chief Operating Officer and Chief Financial Officer of Neiman Marcus, stepped down from the company effective immediately according to the American media.
Grimes served as Neiman Marcus CFO since June 2015, and he previously served as SVP, Chief Financial Officer of Wolverine from May 2008 to June 2015. The finance veteran spent over a decade at Brown-Forman in a number of financial roles before joining Keystone Automotive as EVP and CFO. Grimes succeeded Jim Skinner as Neiman Marcus EVP, COO and CFO, and Skinner assumed the new role of Vice Chairman.
In a filing with the US Securities and Exchange Commission, the retailer said, "Mr. Grimes’s resignation was not the result of any disagreement regarding any matter related to the registrant’s operations, policies or practices."
Neiman Marcus reported a bigger loss of $407.25 million in its fourth quarter after it wrote down the value of some of its assets. The luxury fashion retailer has experienced same store sales decreases in three straight quarters this year, and in August, it laid off 80 employees to reduce its losses.
In 2015, Neiman Marcus filed for an IPO and then postponed the filing to 2016 before permanently delaying it.
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