Discount retailer Tuesday Morning CEO, Michael Rouleau, is retiring, effective immediately. Steven Becker, board chairman, will oversee Tuesday Morning's strategic initiatives until a new CEO is appointed.
"Michael Rouleau has played a critical leadership role revitalizing Tuesday Morning and rebuilding the company for sustained success in the years to come," Becker said. "We owe him a debt of gratitude, and appreciate Michael working tirelessly over the last couple of years to rebuild this great brand."
Rouleau led Tuesday Morning as CEO for just over two years and was a member of the board since November 2012. He was CEO of arts and crafts retailer Michaels for 10 years, retiring from that role in 2006.
As part of Rouleau's departure, the company has formed a new office of the chairman with Becker at the helm. Terry Burman, a board member, will serve as a new lead independent director and vice chairman. The office also includes Melissa Phillips, president and COO, and Phil Hixon, exec-VP of store operations.
At 76 years old, Rouleau has had an expansive career in retail, starting as one of the original 25 employees at Target in the 1960s, The Dallas Morning News reported. He also cofounded Office Warehouse, which was later merged with Office Max, and served as exec-VP of store operations at Lowe's.
"With Tuesday Morning's rebuilding program well underway, now is the right time to transition to new leadership," Rouleau said. "It has been a privilege to lead Tuesday Morning alongside so many dedicated and committed colleagues."
Another Tuesday Morning executive shakeup happened in July when former CFO Jeffrey Boyer left the company to join Pier 1 Imports. The company has yet to announce a replacement.
Now another executive search is underway for a new CEO. The board has created a search committee and retained Herbert Mines Associates to identify and evaluate potential candidates, both internally and externally. To ease the transition, Rouleau will remain in an advisory role until March 31, 2016. Press Release