Dallas -- Tuesday Morning Corp. said Wednesday it has ousted CEO Kathleen Mason and will launch a search for a new chief executive.
Mason was named president and CEO in 2000 and has come under fire as the closeout retailer has suffered slowing sales and widening losses.
Tuesday Morning also announced that executive VP and COO Michael Marchetti has been promoted to president and COO and will service as interim CEO until a successor for Mason is found.
“The board of directors concluded it was the right time to transition leadership to a new executive who will guide the company through its next stage,” Bruce Quinnell, chairman of the company's board, said in a statement.
Melinda Page, senior VP and general merchandise manager, has been promoted to executive VP and chief merchandise officer, and senior VP alternative sourcing and e-commerce Seth Marks has been promoted to senior VP and chief marketing officer.