April 2, 2019 – New York-based executive recruiter Herbert Mines Associates has been selected by Lumber Liquidators Holdings, a specialty retailer of hardwood flooring, to spearhead its search for a new CFO. Martin D. Agard will step down from the company effective Friday to accept a new role with a company in Florida. Timothy J. Mulvaney, the company’s chief accounting officer, has been named interim CFO.
“On behalf of our entire management team and board, I would like to thank Marty for his contribution during this pivotal time in the company’s transformation,” said Dennis Knowles, CEO of Lumber Liquidators. “We have a strong bench of talent in our finance and accounting organization, and I have the highest confidence in Tim Mulvaney, who has been an integral part of our finance organization for the past two years.”
Shares of Lumber Liquidators took a hit upon the announcement of Q4 and year-end revenue, which also broke the news of Mr. Agard’s resignation. The company’s fourth-quarter revenue fell short of expectations. As a result, the company’s stock was down nine percent and touched a new 10-year low of $9.01.
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