#United States #Irving #CEO Search #Leadership Transition #Michaels Companies

Michaels Companies Forms Interim Leadership Team

On January 14, 2025, The Michaels Companies, Inc., known for being a leading creative destination in North America, revealed the establishment of an interim Office of the Chief Executive Officer. This decision comes in light of the announced departure of CEO Ashley Buchanan, effective the same day. In an effort to ensure consistent leadership during this transition, the board has appointed three seasoned executives to oversee operations until a permanent CEO is found.

Key Appointments
Effective January 15, the interim Office of the CEO will be led by:

• - Heather Bennett – President
• - Stacey Shively – Chief Merchandising Officer
• - Perry Pericleous – Chief Financial Officer

Together, this team will collaborate with the broader executive leadership to manage daily operations while the search for a new chief executive is underway. Andrew Jhawar, the chairman of the Board of Directors, expressed confidence in the newly appointed leaders. "Heather, Stacey, and Perry are experienced, accomplished executives who are well-equipped to ensure the ongoing execution of the company's strategic plan," he stated.

Profiles of the Interim Leaders
Heather Bennett, who stepped into the role of President of Michaels in 2021, has played a key role in steering the company’s growth strategy through digital transformation. Her focus on innovation has led to the successful introduction of new customer experience strategies, positioning the company well for future developments.

Stacey Shively joined Michaels in September 2024 as the Chief Merchandising Officer. With two decades of extensive experience in the retail sector, Shively is recognized for her skill in identifying market trends and maximizing sales, which will be crucial during this transitional phase.

Perry Pericleous, who became the Chief Financial Officer in December 2024, brings a wealth of financial and operational expertise within retail. Before joining Michaels, Pericleous was the CFO at 99 Cents Only Stores, where he oversaw significant financial strategies and operations.

Looking Ahead
The Michaels Companies operates over 1,300 stores across 49 states and Canada, alongside a robust online presence at Michaels.com. The company's mission is to fuel creativity and provide a comprehensive range of artistic supplies, making it the best destination for creative endeavors. The board is diligently progressing in its search for a permanent CEO, with expectations to disclose the outcome shortly.

In conclusion, this interim leadership structure aims to ensure that Michaels continues to thrive during a critical period of transition, maintaining its position as a leader in the creative retail market. For more updates on the company's development and leadership changes, visit Michaels.com.

As the search for a permanent CEO progresses, the leadership team at Michaels is determined to uphold the company’s strategic objectives, ensuring that the organization remains resilient and competitive in the marketplace.