Former Wal-Mart CFO Joins Shelfbucks Advisory Board

Retired retail executive will help ensure Shelfbucks platform drives the correct metrics, financials and ROI for retail and brand customers

Technology start-up Shelfbucks Inc., a leader in iBeacon technology for retail, recently announced that Michael Fung, former CFO of Wal-Mart U.S., has been appointed to the company’s advisory board.

Mr. Fung, 63, is the 26th member appointed to the Shelfbucks advisory board, which includes C-suite leaders from top U.S. Retail, CPG and Shopper Marketing corporations and business schools, all appointed to help guide the company’s long-term growth and introduction of its technology solutions to leading retailers, brands and consumers.

Retired since February 2012, Mr. Fung served for six years as senior vice president and CFO of Wal-Mart U.S.  In that role, he was responsible for U.S. finance operations, including strategy, merchandising, logistics, real estate, operations, dotcom, and financial planning and analysis. He spent a total of 11 years at Wal-Mart, joining the company in 2001 as vice president, Finance and Administration for Global Procurement. In 2003, he was promoted to senior vice president, Internal Audit Services and was named senior vice president and CFO in 2006.

Prior to joining Wal-Mart, Mr. Fung served for five years as vice president and CFO for Sensient Technologies Corporation, a global manufacturer of colors, flavors, and fragrances. He served for three years as senior vice president and CFO for Vanstar Corporation, a computer reseller and network integrator.

Prior to that, Mr. Fung served for four years as vice president and CFO for Bass Pro Shops, Inc., a direct mail and retail company of sporting goods. He also served for 11 years as the vice president and corporate controller for Beatrice Companies, Inc.

Mr. Fung began his career with the accounting firm of Deloitte Touche in Chicago. He received his MBA from the University of Chicago’s Booth School of Business, his BS in Accounting from the University of Illinois at Chicago and his CPA license from the State of Illinois. Mr. Fung is a member of the Financial Executives Institute and the American Institute of Certified Public Accountants. He is a board member and Chair of the Asian Pacific Islander American Scholarship Fund, a member of the Committee of 100 and The University of Illinois Foundation, as well as a member of the Organization of Chinese Americans.

Mr. Fung also serves on the Board of Directors for 99 Cents Only Stores, Inc. and Franklin Covey.

“I'm extremely excited to welcome Mike Fung onto our advisory board,” said Erik McMillan, founder and CEO of Shelfbucks. “He brings true global experience to our market approach, and, as the former CFO of Wal-Mart U.S., will help ensure our Shelfbucks platform is driving the correct metrics, financials and ROI for our retail and brand customers.”

Introduced in October, Austin-based Shelfbucks  delivers a smartphone-based technology that capitalizes on iBeacon, Bluetooth Low Energy and Near Field Communications to enable retailers to communicate special offers, coupons and other information directly to consumers in the retail setting.  Shelfbucks technology also helps brands and retailers reduce showrooming, gain actionable data on shopper behavior and increase sales opportunities.

Shelfbucks uses unique beacon devices, installed on retailers’ store shelves, to provide an enhanced shopping experience for customers. A shopper browsing a product area interacts with the Shelfbucks beacon using a smartphone, and can immediately download information, coupons or other real-time offers on nearby products. The shopper can immediately redeem the special offers, thus eliminating the need for additional online research or showrooming, while saving time and enjoying a superior shopping experience.

Shelfbucks was named a winner of the “DEMO God” award at the DEMO Fall 2013 conference, an exclusive competition renowned for launching innovative new technology products. The company was also named to the 2013 Fall Austin A-List, which recognizes the Austin area’s most innovative new companies.

Shelfbucks is currently in discussions with multiple leading retailers about its technology.

About Shelfbucks
Headquartered in Austin, Texas, Shelfbucks develops and markets smartphone-based solutions designed to reinvent how consumers interact with product brands in retail stores. Shelfbucks enables optimized distribution of special offers, coupons and other information directly to potential customers. Shelfbucks also helps brands and retailers reduce showrooming, gain actionable data on shopper behavior and increase sales opportunities. For more information, visit www.shelfbucks.com.