Tuesday Morning abruptly dismisses ceo

HTT Staff -- Home Textiles Today, 6/6/2012 6:39:55 PM

Dallas - One month away from her 12th anniversary at her post, president and ceo Kathleen Mason has been shown the door at Tuesday Morning as of June 5.

The company also announced today that Sheldon Stein resigned from the board of directors, effective May 31.

Mason joined the off-price chain and assumed her position on July 31, 2000. She had more than 20 years of general management and merchandising experience at the time, having held positions at several retail chains, including Homegoods, The Limited, Mervyns, Emporium and Kaufmanns.

Replacing her is Michael Marchetti, who remains coo but also becomes president and interim ceo while the company searches for a successor to Mason.

Additionally, Melinda Page is being promoted to evp and chief merchandise officer from her former role as svp-general merchandise manager, and Seth Marks has also moved up to svp and chief marketing officer from his position as svp of alternative sourcing and e-commerce.

"The board of directors concluded it was the right time to transition leadership to a new executive who will guide the company through its next stage" said Bruce Quinnell, chairman of the board. "We are confident in Mike, Melinda, Seth and the rest of the senior management team to help lead the company through this important transition."

In other news, Tuesday Morning also announced it is revising its 2012 fiscal year guidance. The company now expects: net sales for the year to be in the range of $810 million to $815 million; comparable store sales to decrease by 3.2% to 3.9%; and earnings per diluted share to be in the range of 11 cents to 15 cents before costs associated with the replacement of the ceo.