Neiman Marcus CFO Resigns; Joins Sally Beauty Holdings

Neiman Marcus Chief Financial Officer Donald T. Grimes resigned from the Dallas-based luxury retailer effective today, and has joined Sally Beauty Holdings as the retail and wholesale beauty company's senior vice president, chief financial officer and chief operations officer, effective Dec. 12. Grimes joined Neiman Marcus in June 2015, where he was also executive vice president and chief operating officer. The company said Grimes’ resignation "was not the result of any disagreement regarding any matter" related to its "operations, policies or practices."

Total Retail's Take: The news of Grimes leaving wasn't a shock to many in the retail industry as there has been a shuffle among the executive ranks at Neiman Marcus in the past year-and-a-half. Last month, for example, Chief Information Officer Michael Kingston left to pursue a career in consulting. Neiman Marcus also reported a loss for its fiscal year that ended in July, and stores have experienced lower traffic.