The market capitalization of retailer A.C. Moore Arts & Crafts dipped by more than $6 million by late afternoon Monday following an announcement that CFO Marc Katz will leave on June 27 to pursue an opportunity in private equity.
A.C. Moore shares were down about $0.30 per share to $7.73, although that was a recovery from $7.43 earlier in the day.
Like many retailers, A.C. Moore has been hurt by the struggling economy. The company last month reported a larger-than-expected loss on a 7 percent decline in revenues. Sales at stores open at least one year fell by 11.6 percent. The company last week announced plans to close 7 to 10 stores in 2008.
A.C. Moore said its search for a new CFO and will consider both internal and external candidates. Katz did not immediately return a call to discuss his future plans.
Katz joined the company in September 2006 after nine years at Foot Locker Inc., where he was chief information officer after rising in the finance organization to controller. Before that he was with The May Department Stores Company in various financial positions.
In the meantime, A.C. Moore said Michael Zawoysky, vice president of financial planning and analysis, will serve as acting CFO. The company also promoted Rodney Schriver from controller to principal accounting officer.
Before joining A.C. Moore in March 2007, Zawoysky held various financial positions with Foot Locker, most recently CFO of Foot Locker Europe and chief operating officer and CFO of FootLocker.com.
Schriver had been A.C. Moore’s controller since July 2004, before which he was assistant controller of Charming Shoppes Inc.