After struggling to put the company on a new footing, Tuesday Morning Corp. CEO and board member Fred Hand is retiring, the company announced.
In addition to Hand, Mark Katz, COO and interim CFO, and Paul Metcalf, principal and chief merchant, also have chosen to retire, Tuesday Morning stated.
Board member Andrew Berger will take up the CEO mantle. He brings more than 25 years of consumer industry experience to the role and will continue to serve on the company board, Tuesday Morning maintained. Berger has been CEO at Cosi, a fast-casual restaurant chain that operates and franchises domestic and international restaurants, and director of Rocky Mountain Chocolate Factory, an international franchisor, confectionery manufacturer and retail operator. He currently serves as a director and executive chair of Autoscope Technologies Corp. where he was CEO from April 2021 to November 2022. Berger is also a managing member of AB Value Management LLC, Tuesday Morning pointed out.
Bill Baumann, chief information and chief marketing officer, will succeed Katz as COO and, on an interim basis, Metcalf as chief merchant.
Tuesday Morning already has initiated a comprehensive search process to identify a permanent CFO, the company noted, adding that Berger will assume CFO and finance responsibilities in the interim.
Hand, Katz and Metcalf will consult with Tuesday Morning through June 30, 2023, to ensure a smooth transition, the company indicated.
“I am deeply honored and excited to be chosen by the board as the next CEO of Tuesday Morning, and to succeed Fred, who has diligently guided and served the company throughout his tenure,” Berger said in announcing the executive changes. “I look forward to leading Tuesday Morning as we capitalize on our strategic growth initiatives, unlock tremendous long-term opportunity in the home goods and décor category, and pursue a path towards long-term profitable growth. I want to thank Marc and Paul for their essential service to Tuesday Morning, and I am delighted to welcome Bill as the next chief operating officer. His deep knowledge of the company and its business will be invaluable as we focus on our strategic growth initiatives and continue to drive deeper connections and engagement with our customers.”
