Belk's evp, cfo Marley to retire in May; Orvos tapped to replace him
Home Textiles Today Staff -- Home Textiles Today, 11/2/2012 2:22:34 PM
Charlotte, N.C. - Culminating more than 12 years with the company, Brian Marley will retire from his post as evp, cfo of regional retailer Belk Inc. come May 4, 2013, and the company is promoting Adam Orvos to replace him.
"Brian has played an integral leadership role in many key strategic initiatives that have greatly strengthened the company and its financial position," said Tim Belk, chairman and CEO. "He has left an indelible mark on Belk, and we greatly appreciate his dedication and service. We wish him much happiness and continued success upon his retirement."
Adam Orvos is Belk's evp of human resources. He joined the company 2006 as senior vice president of finance and corporate controller, and was promoted to his current position in 2009.
Orvos' career in retail began in 1987 with the May Department Stores Company in St. Louis, Mo. Six years later, he joined the Foley's division of May in Houston, Texas, and was named vice president and controller in 2000 and senior vice president and cfo in 2004.
"We're pleased to name Adam Orvos as chief financial officer for Belk," said Tim Belk added. "His experience as the chief financial officer of a division of May Department Stores and three years as our corporate controller have prepared him well for his new position. Adam is a talented executive and strategic thinker, and we look forward to his continued outstanding contributions to Belk."
Following his retirement, Marley has agreed to serve as a consultant to Belk for 12 months to assist in the transition of his responsibilities and provide advice on various financial matters. He will also continue to serve on the investment committee of The Belk Foundation and the advisory board of the Belk School of Business at UNC-Charlotte.
Marley joined Belk in 2000 after a 20-year career with the firm of KPMG LLP. Among his many accomplishments at Belk, Marley was instrumental in establishing expense controls, capital planning processes and cash management practices that enabled the company to emerge from the recession with a strong balance sheet and over $500 million in cash.
In 2011, the Charlotte Business Journal recognized Marley's efforts by naming him CFO of the Year.
Marley is credited with leading the successful sale of Belk's credit card portfolio to GE and structuring the financing of Belk's acquisitions of the Proffitt's/McRae's and Parisian store chains. He also spearheaded a capital allocation process which strengthened the company's balance sheet and enabled the company to invest in significant growth initiatives.
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