UPDATE: Former Tuesday Morning CEO responds to management changes and firing
Home Accents Today Staff -- Home Accents Today, 6/12/2012 9:50:32 AM
DALLAS -- Tuesday Morning Corporation's former CEO, Kathleen Mason, responded to last week's announcement that she was "relieved of her duties" and that other management changes were made by the home furnishings retailer.
"I'm surprised and disappointed," Mason said Thursday in a formal statement. "The company has been profitable for 12 consecutive years. We have grown to 850 stores with 10,000 employees and 11 million loyal customers. Private Equity made over $700 million on Tuesday Morning with an investment of approximately $117 million. In addition, the company paid down over $250 million in debt and fees and now has no long term debt. I encourage the management team to undertake the strategic initiatives we had planned to improve sales and efficiency as Tuesday Morning moves into the next phase of development."
Dallas Morning News reporter Maria Halkias said Mason's departure took place the same day "a pair of Dallas activist investors asked to be put on the board and outlined the company's weak operating performance under Mason."
A Tuesday Morning press release issued June 6, 2012 said the company relieved Mason of her duties as president and CEO and had commenced a search for a new chief executive. In connection with the transition, Michael Marchetti, 55, the company's executive vice president and chief operating officer, was promoted to president and chief operating officer and named interim CEO.
Melinda Page, the company's senior vice president-general merchandise manager was promoted to executive vice president and chief merchandise officer and Seth Marks, senior vice president of alternative sourcing and e-commerce, was promoted to senior vice president and chief marketing officer.
The company also announced that Sheldon Stein resigned from the board of directors effective May 31, 2012.