Tuesday Morning Corp. appoints Becker Drapkin partners to board
Tom Edmonds -- Home Accents Today, July 2, 2012
DALLAS - Tuesday Morning Corporation announced the appointment of Steven R. Becker and Richard S. Willis, general partners at Dallas-based investment company Becker Drapkin Management, to its Board of Directors, effective July 1, 2012.
Becker Drapkin owns 5 percent of the common stock of Tuesday Morning. On June 5, 2012, Tuesday Morning announced it had relieved Kathleen Mason, former president and CEO, of her duties, and had begun a search for a new chief executive. Mason's departure coincided with a June 5, 2012 letter from Becker Drapkin outlining the retailer's poor performance and asking for board designation rights. The letter was included as part of an SEC filing disclosing Becker Drapkin's ownership stake.
In connection with the board appointments, Becker Drapkin has agreed to vote in favor of each of the board's nominees for election at the 2012 and 2013 annual meetings of shareholders and not to take certain actions during a "standstill" period. Becker will chair the nominating and governance committee, and Willis will serve as a member of the compensation committee. According to a company press release, the board will work with Becker Drapkin to find two additional qualified board members.
Becker currently sits on the board of retailer Hot Topic, restaurant chain Ruby Tuesday, semiconductor manufacturer Pixelworks, and life science diagnostics provider SDIX. Before starting Becker Drapkin in 2009, Becker was founding partner in Greenway Capital. He received his B.A. from Middlebury College in 1989 and J.D. from University of Florida in 1992. Becker serves as a member of the Board of Trustees at the Dallas Museum of Art, and is actively involved in related civic activities.
Willis has more than 20 years of executive experience in retail and manufacturing industries and currently serves as the president and CEO of Navarre Corporation, a distributor, provider of logistics solutions, and software publisher. He previously served as the executive chairman of retailer Charlotte Russe, president of Shoes for Crews, a seller of slip resistant footwear, and president and CEO of book and DVD distributor Baker & Taylor Corporation. Willis holds a B.A. and an M.B.A. from Baylor University, where he also serves as a Regent.
"On behalf of the board, I am pleased to welcome both Steve and Richard to our board," said Bruce Quinnell, chairman. "Their track record of working constructively with public company investments, including retail companies, will be a valuable asset as we work to reinvigorate the brand."
"We are strong believers in Tuesday Morning's brand, business model, and potential," Becker said. "The opportunity now is to work shoulder-to-shoulder with the Board and management team to improve execution and the customer experience so that this potential - as well as shareholder value - is maximized."
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