Michaels Appoints New CFO

The Michaels Companies has named Denise Paulonis evp/chief financial officer, effective August 29, 2016.

She is currently svp/finance, and succeeds Chuck Sonsteby, vice chairman and CFO. Sonsteby will continue to serve as vice chairman and will retain executive responsibility for the growth and integration of Lamrite West and the management of Aaron Brothers stores.

Paulonis joined Michaels in 2014 as vp/investor relations, treasury and corporate finance and was named svp/finance in 2015. Prior to joining the company, she held various senior positions with PepsiCo and McKinsey & Company.

“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, Michaels. “We are delighted that Denise Paulonis will assume the CFO position. Since joining Michaels, Denise has built strong relationships with internal and external stakeholders and has been a critical leader of our finance and strategy teams. Her promotion reflects her financial expertise, deep knowledge of the company and strong leadership skills. In her new position, Denise will continue to be a strategic partner with our leadership team as we maintain our focus on delivering our vision 2020 strategy and strong financial returns.”