Michaels Cos
. hired Michael Diamond as its next chief financial officer, effective Sept. 1, the company said Thursday.
Mr. Diamond, most recently CFO for Yum Brands Inc.’s Pizza Hut U.S. business, will report to Chief Executive Ashley Buchanan, a top e-commerce executive at
Walmart Inc.
who joined the arts-and-crafts retailer in January.
Mr. Diamond’s base salary was set at $635,000. He will receive a one-time signing bonus of $250,000 and, on Sept. 1, a grant of restricted stock units valued at $750,000 that will be eligible to vest evenly over four years on the anniversary date.
Mr. Buchanan credited the 38-year-old’s experience, including more than 15 years in leading finance functions, of driving transformational growth.
“Throughout his career, Mike has demonstrated the ability to streamline and integrate financial operations while successfully moving strategic initiatives forward,” Mr. Buchanan said in a statement. “His experience will play a pivotal role in supporting our ongoing efforts to position Michaels for sustainable, long-term growth.”
James E. Sullivan, Michaels’ chief accounting officer and controller, will no longer serve as principal financial officer as of Sept. 1, the company said.
Mr. Sullivan assumed the role in February after Denise Paulonis left to become the CFO of specialty grocer Sprouts Farmers Market Inc.
Michaels swung to a loss for the quarter ended May 2, the most recent results available, driven by a 27% sales decline after it was forced to close stores to help curb the coronavirus pandemic.
As of June 4, about 1,000 of its 1,273 stores were open, it said.
In May, Michaels said it plans to close its Darice wholesale business but retain a sourcing-related office in China. It expects the closure process to be substantially completed by the end of November. Darice accounted for about $80 million in net sales in the most recent year.
Write to Maria Armental at [email protected]
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