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Business Michaels Companies names new CFO

Michaels Companies names new CFO

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Denise Paulonis has been named chief financial officer of The Michaels Companies Inc. as the Irving-based retailer fulfills part of its previously announced CFO succession plan.

Paulonis, currently senior vice president with the firm, succeeds Chuck Sonsteby, vice chairman and CFO. Her new duties begin on Aug. 29. 2016.

Sonsteby will continue to serve as vice chairman and will retain executive responsibility for the growth and integration of Lamrite West and management of Aaron Brothers stores. Sonsteby and Paulonis will work together during the next few months to ensure a smooth transition, the company said.

“At Michaels, succession planning and ensuring we have the strongest leadership team to drive value for our customers, team members and shareholders, has always been a key priority,” said Chuck Rubin, chairman and CEO, commenting in a news release.

In her new position, Paulonis will focus on delivering the firm’s Vision 2020 strategy and strong financial returns,” said Rubin, referring to the strategy to deliver a strong in store and online shopping experience, increased market share and expanded customer base.

Paulonis joined the firm in 2014 as vice president-investor relations, treasury and corporate finance and was named senior vice president-finance in November 2015. Prior to joining the company, Paulonis held various senior positions with PepsiCo and McKinsey & Co. She earned a bachelor of ccience in finance and economics from Miami University and an MBA from The Wharton School at the University of Pennsylvania.

The Michaels Companies Inc. provides arts, crafts, framing, floral, wall décor and seasonal merchandise for hobbyists and do-it-yourself home decorators. As of July 30, 2016, the company owned and operated 1,356 stores in 49 states and Canada under the brands Michaels, Aaron Brothers, and Pat Catan’s. More information is available at www.michaels.com.

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