Tuesday Morning Corp. announced that Chief Executive Michael Rouleau is retiring from his position and stepping down from the company’s board of directors, effective immediately. The off-price retailer 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. Board member Terry Burman will serve in a new lead independent director role in the interim as well. Burman, Melissa Phillips, the company’s president and chief operating officer, and Phil Hixon, the company’s executive vice president of store operations, will also serve in the Office of the Chairman. A retail executive search firm, Herbert Mines Associates, will evaluate permanent CEO candidates. Tuesday Morning stock has tumbled more than 50% over the past three months. The S&P is down 8.6% for the same period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News