Tuesday Morning Announces Leadership Changes
04 Novembre 2022 - 10:30PM
Tuesday Morning Corporation (NASDAQ: TUEM) (“Tuesday Morning” or
the “Company”), a leading off-price retailer of home goods and
décor, today announced the following leadership changes, effective
immediately:
- Andrew T. Berger appointed Chief Executive Officer (“CEO”).
Berger who brings over 25 years of consumer industry experience
succeeds current CEO, Fred Hand, who decided to retire from his
roles at the Company as CEO and member of the Board. Berger will
continue to serve on the Company’s Board.
- Bill Baumann, Chief
Information and Chief Marketing Officer, appointed Chief Operating
Officer. Baumann succeeds Marc Katz who served as Chief Operating
Officer and interim Chief Financial Officer, who has decided to
retire. The Company has already initiated a comprehensive search
process to identify a permanent Chief Financial Officer. Andrew
Berger will assume CFO and finance responsibilities in the
interim.
- Paul Metcalf,
Principal and Chief Merchant has decided to retire. Bill Baumann
will assume responsibilities as Chief Merchant in the interim.
- Mr. Hand, Mr. Katz and Mr. Metcalf will consult with the
Company to ensure a smooth transition through June 30, 2023.
Co-Chairmen of the Board Tai Lopez and Dr. Alex Mehr commented:
“On behalf of the Board, we thank Fred for his valuable
contributions and leadership of Tuesday Morning and wish him the
best in retirement. We are thrilled to welcome Andrew as the next
CEO of Tuesday Morning and look forward to working alongside him
and the rest of the Board as the Company enters its next chapter of
innovation.”
Mr. Hand said: “It has been a great privilege to serve as the
CEO of Tuesday Morning, and I am incredibly thankful to have served
alongside the corporate, store, and distribution center teams. I
wish everyone at the Company, the Board, and Andrew much
success.”
Mr. Berger concluded: “I am deeply honored and excited to be
chosen by the Board as the next CEO of Tuesday Morning, and to
succeed Fred, who has diligently guided and served the Company
throughout his tenure. I look forward to leading Tuesday Morning as
we capitalize on our strategic growth initiatives, unlock
tremendous long-term opportunity in the home goods and décor
category, and pursue a path towards long-term profitable growth. I
want to thank Marc and Paul for their essential service to Tuesday
Morning, and I am delighted to welcome Bill as the next Chief
Operating Officer. His deep knowledge of the Company and its
business will be invaluable as we focus on our strategic growth
initiatives and continue to drive deeper connections and engagement
with our customers.”
About Andrew T. Berger Mr. Berger has over 25
years of experience in investment analysis, investment management,
and business consulting. For more than a decade, Mr. Berger has led
or advised a number of companies through turnarounds in various
industries including restaurants, franchising, publishing, and
technology. He has been a director of Tuesday Morning since
September 2022. He currently serves as a director and executive
chair of Autoscope Technologies Corporation and was Chief Executive
Officer of the company from April 2021 to November 2022. Mr. Berger
is also Managing Member of AB Value Management LLC. His previous
roles include Chief Executive Officer of Cosi, Inc., a fast-casual
restaurant chain that operates and franchises domestic and
international restaurants and director of Rocky Mountain Chocolate
Factory, Inc., an international franchisor, confectionary
manufacturer and retail operator.
About Tuesday MorningTuesday
Morning Corporation is one of the original off-price retailers
specializing in name-brand, high-quality products for the home,
including upscale home textiles, home furnishings, housewares,
gourmet food, toys and seasonal décor, at prices generally below
those found in boutique, specialty and department stores, catalogs
and on-line retailers. Based in Dallas, Texas, the Company opened
its first store in 1974 and currently operates 487 stores in 40
states. More information and a list of store locations may be found
on the Company's website at www.tuesdaymorning.com.
Cautionary Notice Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements, which are based on management’s current expectations,
estimates and projections. Forward-looking statements include
statements regarding management’s plans and strategies, future
operations, growth and financial performance. The forward-looking
statements in this press release are subject to risks and
uncertainties that could cause actual results to differ materially
from those reflected in the forward-looking statements. Reference
is hereby made to the Company’s filings with the Securities and
Exchange Commission, including, but not limited to, "Item 1A. Risk
Factors" of the Company's most Annual Report on Form 10-K for the
fiscal year ended July 2, 2022 for examples of risks, uncertainties
and events that could cause our actual results to differ materially
from the expectations expressed in our forward-looking statements.
These risks, uncertainties and events also include, but are not
limited to, the following: the effects and length of the COVID-19
pandemic; changes in economic and political conditions which may
adversely affect consumer spending; our ability to identify and
respond to changes in consumer trends and preferences; our ability
to mitigate reductions of customer traffic in shopping centers
where our stores are located; increases in the cost or a disruption
in the flow of our products, including the extent and duration of
the ongoing impacts to domestic and international supply chains
from the COVID-19 pandemic; impacts to general economic conditions
and supply chains from the disruption in Europe; impacts of
inflation and increasing interest rates; any inability to
effectively launch our proposed e-commerce platform or to realize
anticipated benefits from the proposed Pier 1 licensing
arrangement; our ability to continuously attract buying
opportunities for off-price merchandise and anticipate consumer
demand; our ability to obtain merchandise on varying payment terms;
our ability to successfully manage our inventory balances
profitably; our ability to effectively manage our supply chain
operations; loss of, disruption in operations of, or increased
costs in the operation of our distribution center facility; our
ability to generate sufficient cash flows, maintain compliance with
our debt agreements and continue to access the capital markets;
unplanned loss or departure of one or more members of our senior
management or other key management; increased or new competition;
our ability to maintain and protect our information technology
systems and technologies and related improvements to support our
growth; increases in fuel prices and changes in transportation
industry regulations or conditions; changes in federal tax policy
including tariffs; the success of our marketing, advertising and
promotional efforts; our ability to attract, train and retain
quality employees in appropriate numbers, including key employees
and management; increased variability due to seasonal and quarterly
fluctuations; our ability to protect the security of information
about our business and our customers, suppliers, business partners
and employees; our ability to comply with existing, changing and
new government regulations; our ability to manage risk to our
corporate reputation from our customers, employees and other third
parties; our ability to manage litigation risks from our customers,
employees and other third parties; our ability to manage risks
associated with product liability claims and product recalls; the
impact of adverse local conditions, natural disasters and other
events; our ability to manage the negative effects of inventory
shrinkage; our ability to manage exposure to unexpected costs
related to our insurance programs; increased costs or exposure to
fraud or theft resulting from payment card industry related risk
and regulations; our ability to meet all applicable requirements
for continued listing of our common stock on The Nasdaq Stock
Market, including the minimum bid requirement of $1.00 per share;
and our ability to maintain an effective system of internal
controls over financial reporting. The Company’s filings with the
SEC are available at the SEC’s web site at www.sec.gov.
The forward-looking statements made in this press release relate
only to events as of the date on which the statements were made.
Except as may be required by law, the Company disclaims obligations
to update any forward-looking statements to reflect events and
circumstances after the date on which the statements were made or
to reflect the occurrence of unanticipated events. Investors are
cautioned not to place undue reliance on any forward-looking
statements.
INVESTOR
RELATIONS: Caitlin
ChurchillICR203-682-8200Caitlin.Churchill@icrinc.com
MEDIA: TuesdayMorning@edelman.com
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