The “CFO plus” dynamic, when an organization appoints a finance chief to a dual role, continues. And one of the latest examples is at a retailer in business for more than 60 years that’s reinventing itself for a new era.  

Chris Cramer is the new CFO and chief operating officer (COO) at Claire’s Holdings LLC, which the company will announce this morning. The brand is known as a destination for jewelry, accessories, makeup, toys, and ear-piercing services, and draws in what the company calls “Gen Zalpha” (Gen Z and Gen Alpha) consumers.

Cramer joins Claire’s from Parade, Inc., a Gen Z-focused intimate and lifestyle apparel retailer where he served as president. Before that, he spent over 20 years with Bath & Body Works, Inc. (and L Brands) in leadership roles including CFO and, most recently, COO. 

How does he think the CFO and COO roles complement each other? “Finance and operations go hand in hand,” Cramer told me in an email. “And aligning financial outcomes with operating plans will bring synergy across teams within the organization.”

“With a track record of over 25 years of high-performance industry experience, Chris brings demonstrated operational and financial leadership and a passion for collaboration to our organization,” Claire’s CEO Ryan Vero said in a statement. “I’m confident he will help us continue to unlock operational efficiency and deliver the next phase of profitable growth.” 

Under the leadership of Vero, who became CEO in 2019, the retailer certainly has a comeback story. Claire’s, which once filed for bankruptcy in 2018, reported revenue of $1.4 billion for the fiscal year ending Jan. 29, 2022, a 53% increase from the prior year’s revenue of $910 million. This past summer, Claire’s postponed plans to pursue an IPO, due to the market conditions, according to the company.

Cramer will oversee the finance, supply chain, technology, and North America real estate teams. He’s tasked with driving the “strategic roadmap” at Claire’s.

The Hoffman Estates, Ill.-based company was founded in 1961. It has been a destination for ear piercing for more than 40 years. Claire’s is leaning into technology by creating a global, multichannel shopping experience across a network of more than 2,750 company-operated Claire’s stores. This includes standalone stores, and store-in-stores. For example, this year, Claire’s announced a partnership with Kohl’s. And in 2022, announced expansion in Walmart and a partnership with Macy’s. Claire’s also operates within more than 40 partner retailers globally, including Asda, CVS, and Galleries Lafayette, according to the company. The multichannel shopping experience also extends to the brand’s e-commerce business.

“Continuing to engage consumers in a dialogue and having a fresh perspective in product, experience, and service is key to attracting and retaining customers of all generations, especially Gen Z and Alpha, whom we at Claire’s endearingly call ‘Zalphas,’” Cramer told me. The company has launched ShimmerVille, a gaming experience on Roblox, and created a content studio as well as a partnership with Sony Pictures Television – Kids.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

Ryan Daws was named CFO and head of business development at enGene Holdings Inc. (Nasdaq: ENGN), a clinical-stage genetic medicines company. Daws joins enGene with nearly 25 years of experience. He was previously CFO and head of business development at Obsidian Therapeutics, Inc. Before that, Daws was managing director with the Healthcare Investment Banking Group at Robert W. Baird & Co., Inc.

Susan J. Young was named CFO at Apollo Intelligence, a provider of real-time data and insights to the healthcare and life science industries. Young has more than 20 years of experience in both Fortune 100 and mid-sized companies worldwide. Most recently, she was CFO at PlayOn! Sports, a KKR portfolio company. Young's previous CFO experiences include leadership positions at Q2 Solutions (now part of IQVIA), Terra Dotta, MarVista Entertainment, and Explorica. 

Big deal

New data from S&P Global Market Intelligence finds the "healthiest" U.S. corporations are increasing their revenue-generating efficiency. For companies rated "investment grade" by S&P Global Ratings, the median ratio of operating expenses compared to total revenues fell to 82.1% in the third quarter. That's down from 83.1% in the second quarter.

"The improving metric shows companies are boosting revenues by more than their expenses are increasing amid easing inflation and a resilient economy despite the Federal Reserve's interest rate hikes," according to the report. 

Total operating expenses including rent, salaries, and insurance for investment grade companies fell by 1.5% in the quarter to $2.825 trillion, the research found.

Going deeper

Deloitte's Financing the Green Energy Transition report found that new cost-reducing finance instruments can help de-risk green projects in developing economies while making investing in these projects more attractive. Reaching the goal of net-zero greenhouse gas emissions by 2050 will require an annual global investment in the energy sector ranging from $5 trillion to $7 trillion, according to the report. But the world currently invests less than $2 trillion each year into the transition, Deloitte found.

Overheard

“They go hand in hand together. Our strategy is decarbonize and grow.”

—Moosa Al-Moosa, president at chemicals group Dow, where he is responsible for the Middle East and Turkey, said this week during the Fortune Global Forum in Abu Dhabi. Executives at the forum explained that sustainability is no longer considered a tradeoff to the detriment of growth and profits, but a necessity for long-term survival, Fortune reported.