Neiman Marcus Interim CFO and COO Fung to step down in June

By

Obi Anyanwu

Published
May 27, 2017

Neiman Marcus announced on Friday the departure of Interim CFO and COO Michael Fung, who is leaving the luxury retailer on June 30, 2017. According to an SEC document, Fung agreed with Neiman Marcus to not renew his consulting agreement, which began in November 2016.

The document also says that Fung’s departure is not a “the result of any disagreement regarding any matter related to Parent’s or the Company’s operations, policies or practices.”

 
Fung exited retirement to join the company on an interim basis. As Interim CFO and COO, he led the Finance, Accounting and Operations teams and was instrumental in directing efforts to stabilize NMG One, the company’s recently implemented common merchandise and distribution system.
 
“Michael has done an excellent job.” said Karen Katz, President and Chief Executive Officer, Neiman Marcus Group. “His leadership and extensive experience have brought significant progress with NMG One. We very much appreciate Michael’s commitment and service to NMG.”

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T. Dale Stapleton will succeed Fung, effective upon Fung's departure. Stapleton has been with Neiman Marcus for 16 years and has served as SVP and Chief Accounting Officer since 2010.
 
The departure of Fung and appointment of Stapleton follow reports that Related Companies is not interested in buying Neiman Marcus. The company was reported to be in talks for a potential merger, but Related Companies chair Stephen Ross shot down the rumor.