Michaels Stores, Inc. announced Friday (July 20th) that CEO John Menzer has resigned to focus on his medical rehabilitation.
Menzer had been on medical leave from Michaels since he suffered a stroke in mid-April. The company has been being run since then by an Office of the CEO comprised of Lew Klessel, Interim Chief Operating Officer for the Company and Managing Director of Bain Capital, and Chuck Sonsteby, Chief Administrative Officer and Chief Financial Officer.
The company has announced that it will conduct a search for a replacement for Menzer, and the Office of the CEO will continue to run the company in the interim until a replacement is found. [Read more...]