Chico’s promotes senior finance exec to CFO seat

Dive Brief:

Fort Myers, Florida-based fashion company Chico’s FAS has promoted its current senior vice president of finance, controller and chief accounting officer David M. Oliver to the CFO seat, effective June 24, according to a Monday filing with the Securities and Exchange Commission.
Oliver, 65, succeeds Patrick J. Guido who informed the company on June 6 of his intent to resign from the company. Guido will be taking another opportunity with a company where he can be located closer to his family, the filing said. His last day with Chico’s is June 23.
Incoming CFO Oliver has been with the company for 12 years, serving a variety of roles including as its interim CFO from February 2020 until September 2021, when Guido was appointed, according to his LinkedIn profile.

Dive Insight:

As Oliver takes the financial helm, he comes with previous experience of handling the books for the fashion brand. “David was instrumental in stewarding the Company for a year and a half as interim CFO during the early phase of the pandemic. His deep knowledge of Chico's FAS, as well as his impressive financial experience and steady hand, will benefit the Company as we continue to make progress against our long-term strategic plan,” said CEO Molly Langenstein in a company statement on the transition.

Working his way up the financial ranks of the apparel brand, Oliver is set to receive an annual base salary of $425,000 and will also be eligible for an annual bonus with a target of 80% of his base salary earned during each fiscal year performance period, it said.

The sunshine state retailer, which also owns brands like WhiteHouse Black Market and Soma lingerie, reported a net income of $39.9 million for its first quarter of fiscal 2023 ended April 29, compared to a net income of $34.9 million for last year's first quarter, according to earnings results released June 6.

Back in 2019, the women’s apparel company announced plans to close 250 stores over the course of three years as part of a “retail fleet optimization plan,” according to previous reporting from sister publication Retail Dive. However, the company slowed these plans with 40 to 50 stores in 2021 as it saw some improvement in profitability.

Chico’s did not specify where Guido is moving to.