US: Sotos resigns, Card returns as Jones CFO
Thimio Sotos has resigned as chief financial officer of Jones Apparel Group. Wesley Card, chief operating officer of the firm, has reassumed the dual role of COO and CFO.
Card joined Jones in 1990 as CFO and was named to the additional post of COO in 2002. He relinquished the CFO title one year ago when Sotos was promoted into that position.
Jones said that Sotos had resigned "to pursue other opportunities".
Peter Boneparth, chief executive officer of the firm, said: "Wes was an exceptional CFO for Jones during the 15 years he held that position, and we are pleased to welcome him back to that role. Since his appointment as COO, he has been instrumental in setting the strategy for our company and executing against that plan."
Suggesting that Jones will not seek a permanent replacement for Sotos, Boneparth added: "I have no doubt that Wes will do a great job in his dual roles as CFO and COO."
Sotos joined Jones as assistant treasurer in 1999 as part of the company's acquisition of Nine West Group. He served successively as vice president and treasurer and senior VP and treasurer before being named executive VP and treasurer with responsibility for strategic and financial planning in 2005.
Jones manufactures and markets a variety of licensed and owned brand names and also owns and operates the Barneys New York fashion specialty chain. The company in recent years has explored the possibility of selling all or several of its assets.
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