Tuesday Morning Corporation Announces New CEO
Tuesday Morning Corporation, an off-price retailer with over 750 stores across the United States specializing in selling deeply discounted, upscale decorative home accessories, housewares, seasonal goods and famous-maker gifts, today announced the appointment of Steven R. Becker as CEO, effective immediately. Becker has led Tuesday Morning’s office of the chairman since September 28, 2015, and served as the company’s Chairman of the Board since 2012. While Becker will continue to serve on the company’s board of directors, Lead Independent Director Terry Burman will assume responsibilities as Board Chair. Burman brings specialty retail experience to the chairmanship, including serving as CEO of Signet Jewelers and, more recently, chairman of the board of Zale Corporation.
Burman, who also led the board’s search committee, said, “The board of directors’ comprehensive search was focused on attracting an executive to provide both high energy, stable leadership and a strategy to help ensure Tuesday Morning thrives. Steve has been directly involved with every facet of Tuesday Morning’s revitalization efforts, including knowledge of our people, a deep understanding of the business and a determination to execute on critical operational initiatives. His passionate belief in the Tuesday Morning brand – together with his productive, engaged tenure as Board Chair and head of the office of the chairman – gives us further confidence in his ability to deliver sustained growth moving forward.”
Becker added, “Since joining the board more than three years ago, my conviction in the Tuesday Morning story, our core strengths and overall potential has only increased. But there is considerable work still to be done. We must make purposeful and expedited progress towards becoming a far more productive, competitive, and profitable retailer. This effort will include accelerated real estate relocation and talent acquisition initiatives, pursuit of ongoing operational efficiencies, and a fresh approach to Tuesday Morning’s iconic ‘treasure hunt’ in-store shopping experience.”
In addition to his service at Tuesday Morning, Becker possesses deep retail experience as an investor and board member. This includes a prior directorship at national retailer Hot Topic that included a significant operational turnaround and material earnings growth. He also served, until recently, as partner and co-founder of Becker Drapkin, L.P., a Dallas-based value investment fund with a track record of success in the retail sector. Becker received a B.A. from Middlebury College and a J.D. from the University of Florida.
As Chairman of Tuesday Morning’s board of directors, Terry Burman will continue to contribute his proven specialty retail experience and considerable business and strategic acumen. Until 2011, he served as CEO of Signet, the largest specialty retail jeweler in the U.S. and U.K. Prior to Signet, Burman was President and CEO of California-based Barry’s Jewelers, Inc. He currently serves as an independent director of retailer Abercrombie & Fitch and Learning Care Group, a privately-held operator of learning and day care centers. He previously served on the board of directors of YCC Holdings LLC (DBA Yankee Candle).
