Hedge fund investor named CEO at Tuesday Morning

Tuesday Morning Corp. has selected the chairman of its board to be the off-price retailer's next chief executive, ending a search that began in September.



Steven R. Becker becomes the Texas-based retailer's next CEO, effective immediately. Becker has led Tuesday Morning's office of the chairman since Sept. 28, when the Dallas-based retailer’s previous CEO, Michael Rouleau, announced his retirement. Previously Becker had served as the company's chairman of the board since 2012.



"The board of directors' comprehensive search was focused on attracting an executive to provide both high energy, stable leadership and a strategy to help ensure Tuesday Morning thrives," said lead independent director Terry Burman, who now becomes chairman of the board. "Steve has been directly involved with every facet of Tuesday Morning's revitalization efforts, including knowledge of our people, a deep understanding of the business and a determination to execute on critical operational initiatives. His passionate belief in the Tuesday Morning brand – together with his productive, engaged tenure as board chair and head of the office of the chairman – gives us further confidence in his ability to deliver sustained growth moving forward."



Tuesday Morning has been in turnaround mode for some time, and earlier this year Becker told listeners of a quarterly conference call that that "a major part of our go-forward strategy will be to accelerate the pace of key components of our rebuilding efforts." This components appear to include store relocations, an overhaul of the entire in-store experience, and merchandising changes.



Becker's retail experience as an investor and board member includes a prior directorship at national retailer Hot Topic that included a significant operational turnaround and material earnings growth. He also served, until recently, as partner and co-founder of Becker Drapkin, L.P., a Dallas-based value investment fund with a track record of success in the retail sector. Becker received a B.A. from Middlebury College and a J.D. from the University of Florida.



Burman brings specialty retail experience to the chairmanship, including serving as CEO of Signet Jewelers and, more recently, chairman of the board of Zale Corp.