After declaring bankruptcy and making arrangements to go private, craft specialist Joann has appointed Michael Prendergast acting CEO and introduced a new board of directors.
Prendergast, a managing director in Alvarez & Marsal’s Consumer and Retail Group, has participated in company transformations and has served as an interim leader for other retailers, Joann stated.
The company has launched a search for a permanent CEO. Chris DiTullio and Scott Sekella, who served as co-leads of the interim office of the CEO, will continue in their roles as chief customer officer and CFO, respectively, Joann noted.
The new Joanne board includes Mary Campbell, who has served on the boards of Kontoor Brands and Leggett & Platt, Inc. and was previously the president, v-commerce of Qurate Retail Group; and Joe Hartsig, a managing director at Raines International, for which he he leads the Retail and Business Services practices, and former senior executive at Bed Bath & Beyond, Walgreens and Walmart. In addition, board members include Darrell Horn, who has a strategic advisory role with Green Square and is a consultant on private business strategies including exit options to recapitalization, shareholders and related needs; Michelle Israel, a strategic advisor at of Consensus Advisors and a former top merchandising executive at Macy’s and Bloomingdales; and Bill Wall of the Fidelity High Income and Alternatives Group.
