Michaels Names Chuck Rubin Chief Executive Officer
IRVING, Texas, Feb. 14, 2013
IRVING, Texas, Feb. 14, 2013 /PRNewswire/ -- Michaels Stores, Inc. today
announced that it has named Chuck Rubin Chief Executive Officer and a member
of the Board of Directors. Mr. Rubin, currently the President and Chief
Executive Officer of Ulta Beauty, will assume his new roles after a brief
period of transition, at which time Michaels will discontinue the Office of
the Chief Executive Officer, established on an interim basis in May 2012.
Charles "Chuck" Sonsteby, a member of the Office of the CEO, will continue as
the Company's Chief Administrative Officer and Chief Financial Officer.
Mr. Rubin brings more than 30 years of retail industry experience, including
serving as President, Chief Executive Officer and member of the Board of
Directors for Ulta Beauty (NASDAQ: ULTA), where since 2010, he successfully
led his team in driving record revenue and earnings growth, as well as
creating significant shareholder value for one of the largest beauty retailers
in the United States. He is a proven industry leader with a track record of
results in marketing, merchandising, operations and strategy, having held
executive leadership positions at a number of leading retail businesses
including Office Depot, Sportmart and Federated Department Stores. He also
served as a partner in Accenture's retail consulting practice and was a member
of the executive committee of the National Retail Federation from 2007 to
"Michaels is an iconic brand and a category leader in the large and fragmented
arts and crafts industry, with considerable potential moving forward," said
Mr. Rubin. "With its diverse product offering of industry defining brands and
unique customer engagement strategy, Michaels has built a loyal customer base.
I am honored and excited by the opportunity and look forward to working with
the Company's talented management team and dedicated associates."
Mr. Rubin joined Ulta Beauty as Chief Operating Officer in May 2010, assuming
the position of President and Chief Executive Officer later that year as part
of a planned CEO succession process. Prior to that he spent six years with
Office Depot where he served as Executive Vice President and Chief Merchandise
and Marketing Officer, rising to President North American Retail.
Matt Levin, Managing Director with Bain Capital Partners, LLC, and Peter
Wallace, Senior Managing Director with The Blackstone Group L.P., jointly
commented: "Chuck Rubin is a proven leader in the retail industry with an
impressive track record of success across a broad range of businesses and
executive roles. We are thrilled to add an executive of his caliber to lead
the Company and its talented and deep management team. We also want to thank
Lew Klessel of Bain Capital and Chuck Sonsteby for their dedication and work
as members of the Office of the CEO, which has provided valuable leadership
continuity for the Company during this interim period."
Michaels Stores, Inc. is North America's largest specialty retailer of arts,
crafts, framing, floral, wall decor and seasonal merchandise for the hobbyist
and do-it-yourself home decorator. As of February 14, 2013, the Company owns
and operates 1,099 Michaels stores in 49 states and Canada, and 126 Aaron
Vice President - Treasurer
SOURCE Michaels Stores, Inc.
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