Mason Out as Tuesday Morning CEO
June 7, 2012,
DALLAS-Tuesday Morning has "relieved" Kathleen Mason, president and CEO, of her duties, according to a statement from the off-price retailer.
Michael Marchetti, executive vice president and chief operating officer, has been named president, chief operating officer and interim CEO. The company has also begun a search for a new chief executive. Bruce Quinnell, chairman, said, "The board of directors has concluded it was the right time to transition leadership to a new executive who will guide the company through its next stage."
In addition, Melinda Page, senior vice president and general merchandise manager, has been promoted to executive vice president and chief merchandise officer. Seth Marks, senior vice president of alternative sourcing and e-commerce, has been promoted to senior vice president and chief marketing officer.
Mason was named president and CEO by Tuesday Morning in July 2000. Prior to that, she was president of HomeGoods and chairman, president and CEO of Cherry & Webb. Her career also included merchandising positions with The Limited, Mervyns, Emporium and Kaufmann's.
Tuesday Morning also said it now expects total sales for the 2012 fiscal year to range between $810 million and $815 million, down from 0.7 percent to 1.3 percent from fiscal 2011. Same-store sales are expected to drop by from 3.2 percent to 3.9 percent.