Tuesday Morning starts hunt for new CFO

Dallas – Executive shuffling continues at off-price retailer Tuesday Morning Corp, which is now searching for a new CFO.



The company announced that Jeffrey N. Boyer, executive VP, chief administrative officer and CFO, has resigned his position effective July 22. Boyer, 57, will assume the role of executive VP and CFO at Pier 1 Imports Inc. on July 27.



Boyer will have responsibility for Pier 1 Imports’ financial operations and accounting, including financial reporting, planning and analysis, accounting, treasury, tax and investor relations. Laura A. Coffey will continue to serve in her role as executive VP and interim CFO until Boyer’s appointment becomes effective, when she will be named to a separate executive position.



Pier 1 had a mixed first quarter of fiscal 2015, with net income of $6.9 million, down from $15.1 million in the year-ago period, but in line with expectations.



Total sales rose 3.1% to $432.0 million from $419.1 million, below estimates. The company noted that online continues to perform “exceptionally well,” with strong improvement across all performance metrics, and accounting for nearly 17% of total sales in the quarter. In April, Pier 1 said it plans to close 100 stores during the next three years.



Tuesday Morning has already started looking for Boyer’s replacement with help of an executive search firm. Following Boyer's departure, its controller Kelly Munsch will be responsible for accounting and finance functions on an interim basis until his replacement is appointed.



Boyer is leaving Tuesday Morning about two months after Melissa Phillips, who previously served as executive VP and general merchandise manager, assumed the newly created position of president and COO. In this role, Phillips is directly responsible for merchandising, store operations and marketing, reporting directly to CEO Michael Rouleau.



Boyer is also leaving following a difficult third financial quarter. Tuesday Morning recently met Wall Street expectations with a net loss of $2.8 million in the third quarter of fiscal 2015, compared to a net loss of $8.43 million the prior year period. Net sales grew 4% to $189.73 million from $182.77 million, but missed analyst expectations.



Boyer joined Tuesday Morning in his current position in September 2013, following four years at 24-Hour Fitness where his titled included CFO and COO. Previously, he also served as president and CFO of Michaels Stores and CFO of Kmart, and held roles at Sears including corporate controller and CFO.