Neiman Marcus CFO steps down after 18 months

Neiman Marcus is out one chief financial officer. Adam Orvos has decided to leave his role with the Dallas-based retailer to join a different company. Orvos is scheduled to exit Neiman Marcus on October 11.

Orvos has held the position of chief financial officer for less than eighteen months. He took the role over from interim finance chief Dale Stapleton in April 2018. A search for Orvos' replacement is currently underway.

“Adam led and guided us through our debt refinancing, which was recently completed and has provided us ample runway to execute on our transformation,” said the company's chief executive officer, Geoffroy van Raemdonck, in a statement to Bloomberg.

Neiman Marcus has experienced declining sales in recent reports. For the third quarter of 2019, the company reported a 1.5 percent drop from the same quarter a year ago. At the time, van Raemdonck stated that the company is making investments in technology and customer-centric experiential offerings to position for long-term growth.

The retailer's executive team continues to change; at the same time as Orvos' departure, Neiman Marcus has announced the appointment of Lana Todorovich as president and chief merchandising officer. Todorovich will be tasked with innovating merchandising offerings, which the company sees as a “key component" of its strategic plan.