Former Ulta CEO to head Michaels

IRVING, Texas — Michaels Stores has named Chuck Rubin CEO and a member of the board of directors. Rubin, currently the president and CEO of Ulta Beauty, will assume his new roles after a brief period of transition, at which time Michaels will discontinue the office of the CEO, established on an interim basis in May 2012. Charles Sonsteby, a member of the office of the CEO, will continue as the company's chief administrative officer and CFO.

Rubin brings more than 30 years of retail industry experience, including serving as president, CEO and member of the board of directors for Ulta Beauty (ULTA), where since 2010, he successfully led his team in driving record revenue and earnings growth, as well as creating significant shareholder value for one of the largest beauty retailers in the United States.

"Michaels is an iconic brand and a category leader in the large and fragmented arts and crafts industry, with considerable potential moving forward," said Rubin. "With its diverse product offering of industry defining brands and unique customer engagement strategy, Michaels has built a loyal customer base. I am honored and excited by the opportunity and look forward to working with the Company's talented management team and dedicated associates."

Rubin joined Ulta Beauty as COO in May 2010, assuming the position of president and CEO later that year as part of a planned CEO succession process. Prior to that he spent six years with Office Depot where he served as EVP and chief merchandise and marketing officer, rising to president North American Retail.