Tuesday Morning on the hunt for a new CEO; names chairperson
Tuesday Morning is shaking up its leadership on the heels of exiting bankruptcy protection.
The off-price home goods retailer, which emerged from Chapter 11 earlier this month, announced that Steven Becker will step down as chief executive and board director once a successor is named. Tuesday Morning said it has hired an executive search firm to help it conduct a search for a new CEO.
Additionally, Sherry M. Smith was named chairperson of the board. She has served on Tuesday Morning's board since April 2014.
"Steven has successfully navigated the company through a very challenging year,” stated Smith. “As we enter our next phase of growth, Steven and the board believe that it is the right time to transition leadership. We appreciate Steven's commitment to lead the company and continued support to facilitate an orderly transition as the board conducts a comprehensive search for the company's next CEO."
Tuesday Morning closed approximately 200 stores during the process, leaving it with approximately 490 stores in 40 states.
"I am extremely proud of what our team has accomplished during my five years as CEO," said Becker, who will work as a consultant through Sept. 30 to help with the transition. "Most recently we successfully completed our financial and operational reorganization and have emerged as a stronger company. Tuesday Morning is poised for a bright future in the off-price home goods market and is well-positioned to continue serving our valued customers and business partners.”
As previously disclosed in a filing on December 23, 2020, Tuesday Morning announced new board memberships following its emergence from Chapter 11 through the appointment of four new directors.
Effective December 31, 2020, Anthony F. Crudele, Douglas J. Dossey, W. Paul Jones, and John H. Lewis were appointed to Tuesday Morning's board. The four new directors have joined continuing directors Steven Becker, Frank Hamlin, Reuben Slone, Sherry M. Smith and Richard Willis.