Sunday, August 2, 2015

CFO resigns from A.C. Moore Arts & Crafts

The South Jersey retailer becomes the latest local company to see a change in its top financial executive.

CFO resigns from A.C. Moore Arts & Crafts

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Another day, another change in chief financial officer.

As I wrote in Monday's Philly Inc. column, it's really important to pay attention to changes at the CFO level. That's true for both public and private companies.

I'd noticed a spate of CFO announcements in recent days, and Monday brought another.

A.C. Moore Arts & Crafts Inc., the Berlin, N.J. chain of craft stores, said that its CFO, Marc Katz, resigned on June 10. (It's effective as of June 27.)

His resignation came the day after the retailer announced that it would be closing 10 of its 139 stores and taking other steps to turnaround its operations.

Katz, 43, is one of several executives brought to A.C. Moore in 2006 by CEO Rick Lepley, a former high-ranking executive at Office Depot who succeeded the craft retailer's founder, Jack Parker.

The company said that Katz would be pursuing "a career opportunity in the private equity sector."

In the interim, Michael G. Zawoysky will be A.C. Moore's acting CFO. Since March 2007, Zawoysky has been vice president of financial planning and analysis. (Both Zawoysky and Katz came to A.C. Moore from Foot Locker Inc., the sports apparel retailer.)

Sounds like the company will have a lot to tell shareholders at the annual meeting at corporate headquarters Thursday at 9:30 a.m.

Inquirer Columnist
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