Neiman Marcus names new CFO

Neiman Marcus Group has named retail veteran Adam Orvos as their new Chief Financial Officer. Orvos will begin in his role on April 25. In the interim, CFO Dale Stapleton will continue in his role as Neiman Marcus' vice president and chief accounting officer.

The 53 year old business executive recently served as CEO of Total Wine & More from May 2017 to September 2017 and executive vice president of retail operations between May 2016 and May 2017. Before that, he was the CFO of Belk Department stores.

“With his substantial financial insights and business acumen, Adam is the ideal partner to drive Neiman Marcus Group’s continued transformation into an innovative, results-driven company committed to achieving targeted short- and long-term performance goals," said Neiman's CEO Geoffroy van Raemdonck in a statement.

Orvos will receive compensation of a 750,000 salary, and will also have the option of the bonus plan which has a target between 75 and 150 percent of his base salary.

He will be joining the company as they have seen successful year over year revenue growth the past two years. However, they are still plagued by a 4.8 billion dollar debt. While he has not outlined a plan to help Neiman Marcus Group alleviate its debt, Orvos will certainly have his work cut out for him.