Dressed for Success: Jones CFO Named CEO

Called on to take on the dual role of finance chief and COO in March, Wesley Card of Jones Apparel now holds the top spot. Also: former Avis CFO mo...
Marie LeoneJuly 13, 2007

Wesley R. Card, who held a dual position as CFO and chief operating officer at Jones Apparel Group, was named president and CEO of the company on Thursday. Card replaces Peter Boneparth, who stepped down the same day.

Company officials would not comment on the reason for Boneparth’s departure. However, Associated Press reports noted that the company’s pending sale of Barneys New York, its luxury retail chain, and its decision to exit or sell some of its moderate sportswear businesses were factors in the CEO’s decision to resign.

The company also appointed John T. McClain to be CFO, effective July 16. Most recently McClain, 46, served as chief accounting officer of Avis Budget Group (formerly Cendant). He was also vice president, finance, and corporate controller for Cendant, controller and chef accounting officer for Sirius Satellite Radio, and assistant controller and director of accounting at ITT Corp. He started his career as a senior audit manager at Arthur Andersen.

Under McClain’s employment agreement, he will receive a salary of not less than $500,000. Card, who will also serve on the Jones Apparel board, will be paid not less than $1.6 million.

Card, 59, joined Jones Apparel as CFO in 1990, and added the responsibility of chief operating officer in 2002. Card returned to the CFO role in March, after the company’s finance chief and treasurer, Thimio Sotos, resigned to pursue other opportunities. Card has worked in the apparel industry for the past 28 years, holding senior operating and financial positions at Warnaco and Carolyn Roehm.

In June the company appointed Joseph Donnalley treasurer, in addition to his current role as senior vice president, corporate taxation and risk management. The treasurer’s position had been vacant since Sotos left the company.