October 2, 2015 – New York-based executive search firm Herbert Mines Associates has been retained by retailer Tuesday Morning Corp. to lead its search for a chief executive officer. Current CEO Michael Rouleau is retiring from his position and stepping down from the company’s board of directors, effective immediately. The company has created a new office of the chairman that will be led by board chairman Steven Becker to oversee initiatives until a new CEO is named.
The change in leadership comes shortly after the company reported fourth quarter and fiscal year 2015 results that fell well short of analysts’ expectations. When Mr. Rouleau assumed the interim CEO post in March 2013 he became the fourth CEO to take over the position in a little over a year. Herbert Mines will identify and evaluate both internal and external CEO candidates.
In today’s competitive market, retailers face major shifts in the workplace that require transformational CEOs who are innovative leaders with a world view. According to Herbert Mines, 31 percent of incoming retail CEO’s are, indeed, focused on international expansion as a key strategic priority, making that global mindset a competitive differentiator.
Interestingly, retail CEO turnover is accelerating. According to Herbert Mines, from 2011 to 2014, 47 percent of public retail companies with revenues exceeding $1 billion experienced a chief executive change (up from 34 percent during the previous three years). Since 2007, 71 percent of retail companies have experienced a switch in CEO.
Tuesday Morning is a leading off-price retailer specializing in selling deeply discounted, upscale decorative home accessories, housewares, seasonal goods and famous-maker gifts. Based in Dallas, the company opened its doors in 1974 and currently operates over 750 stores in 41 states.
Herbert Mines Associates is a specialist search boutique leader focusing on the retail, luxury, consumer products, hospitality & food service, fashion/apparel, and e-commerce industries. The firm is noted for its C-level recruiting work, placing presidents, chief operating officers and CEOs at a number of branded retailers including: Coach; Fred’s; Neiman Marcus; Payless ShoeSource; Ulta Beauty; Mama Rosa’s Pizza; Oregon Ice Cream Co.; Abercrombie & Fitch; Fender; Black Diamond; Bare Snacks; and Hollister Co. The New York-based search firm recently placed R. Shawn Neville as CEO of footwear company Aerosoles.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media