Joann on the hunt for a new CEO
The chief executive of Joann Inc. has departed after seven years with the company.
The sewing, fabrics and crafts retailer said that Wade Miquelon retired as president and CEO, effective May 8, 2023. Chris DiTullio, executive VP and chief customer officer, and Scott Sekella, executive VP and CFO, have been named to lead the “interim office of the chief executive officer.” The board has started a search to identify a permanent replacement.
Miquelon was appointed interim president and CEO of Joann in October 2018. Several month, later, in February 2019, he was named to the role on a permanent basis. His departure comes after a challenging year.
In December 2022, Joann announced a $200 million annual cost reduction plan, with about half of the reduction to come from supply chain savings. For its most recently completed year, net sales fell 8.3% to $2.2 billion and comparable sales declined by 8.1%. The retailer reported a net loss of $200.6 million compared to net income of $56.7 million last year.
Miquelon joined Joann as executive VP and CFO in March 2016. Previously, he was executive VP, CFO and president of International at The Walgreen Company. He previously held executive roles at Tyson Foods and The Procter & Gamble Company.
In December, Joann announced a $200 million annual cost reduction plan, with about half of the reduction to come from supply chain savings. For its most recently completed year, net sales fell 8.3% to $2.2 billion and comparable sales declined by 8.1%. The retailer reported a net loss of $200.6 million, which includes $95.0 million of non-cash, pre-tax impairment, compared to net income of $56.7 million last year.
Miquelon joined Joann as executive VP and CFO in March 2016. Previously, he was executive VP, CFO and president of International at The Walgreen Company. He previously held executive roles at Tyson Foods and The Procter & Gamble Company.
“On behalf of the board, I’d like to thank Wade for leading Joann through its initial public offering and the difficult challenges the COVID-19 pandemic presented,” said Brian Coleman, VP, Leonard Green Partners, L.P. “As we look to the next chapter for Joann, we remain focused on delivering value for our shareholders through strategic priorities centered on creating a great in-store and online experience for our customers, driving operational efficiencies, and capitalizing on Joann’s strength in the sewing, arts and crafts categories.”
DiTullio has served as Joann’s chief customer officer since October 2019, overseeing how customers interact with Joann’s brand, including all aspects of store and omni-channel operations, customer care, inventory management and marketing.
Sekella has served as Joann’s CFO since September 2022, overseeing all aspects of finance and accounting, as well as indirect procurement. Prior to joining Joann, he served as VP, corporate FP&A at Under Armour.
Joann operates 840 stores across 49 states along with an e-commerce business.