October 16, 2019 – New York-based executive recruiter Herbert Mines Associates has placed Nancy Walsh as the new CFO of Lumber Liquidators Holdings, a specialty retailer of hardwood flooring. Martin D. Agard recently stepped down and Timothy J. Mulvaney, the company’s chief accounting officer, had been serving as interim CFO.
“The board and I are excited to add someone with Nancy’s broad retail and finance experience to the executive team at Lumber Liquidators,” said Dennis Knowles, president and CEO of Lumber Liquidators. “Her wealth of knowledge will assist us as we execute our transformation plan to position the company for long-term success.”
Ms. Walsh brings over 30 years of public company finance and retail industry experience. She most recently served as EVP and chief financial officer of Pier 1 Imports. Prior to that, she served as executive VP and CFO of the Bon-Ton Stores and in various finance and leadership positions with Tapestry Inc., formerly known as Coach Inc.
“I am eager to join the Lumber Liquidators team at an exciting point in the company’s journey,” said Ms. Walsh. “I am confident that my finance and retail experience will allow me to help lead the successful execution of our plans and drive value for all stakeholders.”
Lumber Liquidators is one of North America’s leading specialty retailers of hard-surface flooring. The company features more than 400 varieties of floors in the latest styles, including solid and engineered hardwood, bamboo, cork, laminate, resilient vinyl, waterproof vinyl plank and porcelain tile.
Herbert Mines is a specialist search boutique focusing on the retail, luxury, consumer products, hospitality and food service, fashion/ apparel and e-commerce industries. The firm is noted for its C-level recruiting work, placing presidents, chief operating officers and CEOs at a number of branded retailers, including Fred’s, Neiman Marcus, Payless ShoeSource, Ulta Beauty, Mama Rosa’s Pizza, Oregon Ice Cream Co., Fender, Black Diamond and Bare Snacks, among dozens of others.
In 2016, Herbert Mines recruited Mr. Knowles into his then role of chief operating officer of Lumber Liquidators. Mr. Knowles brought to the role more than 25 years of leadership experience in store and business operations, including various senior roles with Lowe’s Companies. He became CEO of Lumber Liquidators in 2016.
Recently, Herbert Mines recruited Paula A. Price as CFO for retail giant Macy’s. Ms. Price has 30 years of finance experience, mostly in retail and consumer-facing businesses. Most recently, she served as CFO of Ahold USA, where she led a team of over 1,000 across finance, accounting, strategy and planning, real estate and information technology.
Modern Day CFO
A new report by Stanton Chase International found that the role of the CFO continues to evolve at an escalating pace. As the job expands to include more non-traditional financial accountabilities, CFOs recognize they must build new skills to lead.
As CFOs Gain in Stature, Succession Plans to Replace Them Falter
As with most aspects in the business world, the role of a CFO has evolved over the past 10 years. Gone are the days of the CFO being the top accountant focused on the timely and accurate recording of transactions to generate a set of financial …
“With technology increasingly shaping and disrupting corporate strategy and the way organizations operate, CFOs must remain poised for more change ahead, and be prepared to quickly and continuously innovate to keep pace with digital transformation,” Stanton Chase said.
The report found that technology, and the unique opportunities it offers, presents new challenges and demands for CFOs. Among them, CFOs must take on a greater role in attracting, developing and retaining top tech-savvy leadership talent that can leverage new technologies within their organizations, allowing them to focus on developing and driving corporate strategy to remain competitive.
The tide has clearly turned, and the CFO’s focus has irrevocably shifted from “traditional” finance responsibilities to finding ways that finance can add measurable business value. “Technology is both a driver and an enabler of this shift,” the report said.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media