By Dennis Seid/NEMS Daily Journal
BALDWYN – Hancock Fabrics has named a Fred’s executive as its new chief financial officer.
In an SEC filing Thursday, the Baldwyn-based craft and fabrics retailer named James B. Brown executive vice president and CFO, effective March 18.
He replaces Larry Fair, who stepped in as interim CFO in December after the resignation of Rob Driskell.
Driskell had been executive vice president and CFO since June 2009.
Fair has been with Hancock Fabrics since 1985. He was vice president and chief accounting officer before assuming the interim CFO role.
Brown, 44, has been senior vice president of finance for Memphis-based discount retailer Fred’s since November 2011. He previously was vice president of planning and analysis from June 2008 to November 2011. He was assistant controller from February 2006 to May 2008.
Before joining Fred’s, he was senior accounting manager for Pinnacle Airlines, corporate controller for Rotable Asset Management, corporate controller for Transform Pharmaceuticals and assistant controller for Dragon Systems.
He began his career with Feeley & Driscoll, a public accounting firm in Boston.
A U.S. Marine veteran, Brown has a bachelor’s degree in accounting and Economics from the University of Puget Sound.
According to the SEC filing, Brown will earn an initial base salary of $215,000, as well as a signing bonus of $35,000. He loses the bonus if he resigns before his second anniversary of his hiring date.