The Michaels Companies Appoints Mark S. Cosby Chief Executive Officer
October 22 2019 - 7:55AM
Business Wire
Seasoned Retail Executive Brings Vision and
Extensive Operational Expertise to CEO Role
The Michaels Companies, Inc. (NASDAQ: MIK) today announced that
Mark S. Cosby has been named Chief Executive Officer effective
immediately. An experienced consumer goods and retail executive
with deep operations expertise, Cosby has served as Interim CEO and
a member of the Board of Directors since February 2019.
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the full release here:
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Mark Cosby, CEO (Photo: Business
Wire)
The appointment of Cosby follows a comprehensive search process
conducted by a special committee of the Board. "The search
committee conducted an exhaustive evaluation of many outstanding
candidates and unanimously concluded that Mark brings the right
strategic vision and operating skill to lead Michaels into a new
chapter,” said James Quella, Chairman of The Michaels Companies
Board of Directors. “We are confident Mark is the right executive
to lead Michaels transformation efforts and know he is excited
about the opportunity to execute under the strategy he helped
create. Under his leadership the company is well positioned for
future growth by capitalizing on the potential of our digital
strategy and giving the maker community a home that fosters the
power of their creativity.”
“During my tenure as interim CEO, Michaels has undertaken and
completed an exhaustive strategy review effort which included
extensive customer research of our core makers. This effort has
convinced me even more of the great untapped potential for the
future growth of Michaels,” Cosby said. “My priority moving forward
as permanent CEO, is to bring together the resources and talent we
have, to deliver against our customer centric strategy and to
continue to improve our level of execution.”
Before joining Michaels, Cosby most recently served as
President, North America at Office Depot Inc. His previous
experience includes senior executive roles as President of Retail
at CVS Caremark and a variety of positions at Macy’s Inc.,
including President, Stores.
About The Michaels Companies, Inc.:
The Michaels Companies, Inc. is North America's largest
specialty provider of arts, crafts, framing, floral, wall décor,
and seasonal merchandise for Makers and do-it-yourself home
decorators. The Company operates more than 1,260 Michaels stores in
49 states and Canada. Additionally, the Company serves customers
through a variety of digital platforms including Michaels.com,
consumercrafts.com and aaronbrothers.com. The Michaels Companies,
Inc. also owns Artistree, a manufacturer of high quality custom and
specialty framing merchandise, and Darice, a premier wholesale
distributor in the craft, gift and decor industry. For a list of
store locations or to shop online, visit www.michaels.com or
download the Michaels app.
Forward-Looking Statements
This news release includes forward-looking statements which
reflect management's current views and estimates regarding the
Company's industry, business strategy, goals, and expectations
concerning its market position, future operations and growth. The
words "anticipate", "assume", "believe", "continue", "could",
"estimate", "expect", “forecast”, "future", “guidance”, “imply”,
"intend", "may", “outlook”, "plan", "potential", "predict",
"project", and similar terms and phrases are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. The Company cannot
assure investors that future developments affecting the Company
will be those that it has anticipated. Actual results may differ
materially from these expectations due to risks relating to the
effect of economic uncertainty; substantial changes to fiscal and
tax policies; our reliance on foreign suppliers; regulatory
changes; the seasonality of our business; changes in customer
demand; damage to the reputation of the Michaels brand or our
private and exclusive brands; unexpected or unfavorable consumer
responses to our promotional or merchandising programs; our failure
to adequately maintain security and prevent unauthorized access to
electronic and other confidential information; increased
competition including internet-based competition from other
retailers; and other risks and uncertainties including those
identified under the heading “Risk Factors” in the Company’s Annual
Report on Form 10-K filed with the Securities and Exchange
Commission ("SEC"), which is available at www.sec.gov, and other
filings that the Company may make with the SEC in the future. If
one or more of these risks or uncertainties materialize, or if any
of the Company's assumptions prove incorrect, the Company's actual
results may vary in material respects from those projected in these
forward-looking statements.
Any forward-looking statement made by the Company in this news
release speaks only as of the date on which the Company makes it.
Factors or events that could cause the Company's actual results to
differ may emerge from time to time, and it is not possible for the
Company to predict all of them. The Company does not undertake and
specifically disclaims any obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20191022005301/en/
Investor Contact: Elaine Locke 972.409.1424
Locker1@michaels.com
ICR, Inc. Farah Soi 203.682.8200 Farah.Soi@icrinc.com
Media Contact: ICR, Inc. Jessica Liddell/ Julia Young
203.682.8200 Michaels@icrinc.com
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