Jo-Ann Fabric and Craft Stores appoints Wade Miquelon Chief Financial Officer
Jo-Ann Fabric and Craft Stores has appointed a new CFO who will come to Hudson-based retailer of giant Chicago drugstore chain Walgreen Co.
In a press release issued on Wednesday, March 30, Jo-Ann announced that it had appointed Wade Miquelon as executive vice president and chief financial officer. The statement did not indicate how the CFO position had been filled previously, and a spokeswoman did not immediately return a phone call Wednesday afternoon. Miquelon most recently served as Executive Vice President, Chief Financial Officer and International President of Walgreen, which has annual sales of $ 72 billion, more than 7,900 retail stores and 250,000 employees worldwide.
Miquelon’s departure from Walgreen, where his 2014 pay was around $ 5 million, was difficult.
In October 2014, Crain’s Business in Chicago, a sister publication of Crain’s Cleveland Business, reported that Miquelon sued Walgreen for libel over press reports claiming he was forced to resign after “botched” earnings forecasts. The lawsuit, filed in Chicago State Court, alleged that Walgreen’s CEO and a director “made false and derogatory comments about him to a Wall Street Journal reporter after he stepped down as CFO on August 4 â. Crain’s Chicago reported. Of the history : Miquelon said the slanderous remarks by executives led to two stories claiming he made a miscalculation that resulted in a $ 1.1 billion reduction in the company’s earnings forecast for fiscal 2016. As a result of these reports, Miquelon said, he lost opportunities to work as CFO for another Fortune 100 company. Miquelon said he was considered CFO and chairman of “a large retailer. global “. Miquelon’s decision to leave the company was personal and he wanted to seek other opportunities after six âpendingâ years, according to the complaint. Just days after Miquelon filed the complaint, Walgreen requested an emergency order to seal what the company claimed to be confidential company information. âIn the motion to seal part of the lawsuit, Walgreen also refuted claims by his former CFO that he was not responsible for a $ 1.1 billion financial forecasting error that was revealed in August “, Crain’s Chicago reported. The pharmaceutical chain’s dossier said Miquelon had been “too optimistic” in projecting the company’s performance. The trial is still pending, although a judge in July 2015 dismissed most of the defamation cases Miquelon filed the previous fall. Prior to working for Walgreen, Miquelon held the position of Executive Vice President and Chief Financial Officer at Tyson Foods Inc., and he held several positions of increasing responsibility at The Procter & Gamble Co. Extensive experience join Jo’s team -Ann during a period of transformation in our brand’s rich history, âsaid Jill Soltau, President and CEO of Jo-Ann, in the release. She said Miquelon is “a highly respected and effective leader with experience driving retail change strategies.” In the statement, Miquelon said he was âvery excited and lucky to join such a wonderful company that engages a loyal and passionate customer in a passionate category filled with future opportunities. I have no doubts that under Jill’s leadership and in partnership with the entire Jo-Ann team, we will delight our clients, create value for all of our stakeholders, and have a lot of fun in the process. Miquelon and his wife Katy have four children. They will be moving to northeast Ohio with their youngest daughter from Chicago.