Michaels CEO Chuck Rubin is leaving the Irving-based arts and craft retailer
Arts and crafts retailer Michaels Cos. said the board has appointed an interim CEO and Chuck Rubin is leaving the company.
Michaels didn’t give a reason for Rubin’s abrupt departure, saying he “has mutually agreed with the board of directors to transition out of his role as CEO.”
Rubin has been Michaels CEO since March 2013 and bought it back as a publicly-traded company and reduced Michaels debt from a 2005 leveraged buyout. Rubin came to the company from Ulta.
Mark Cosby, 60, has been on Michaels’ board and is moving into the interim CEO job effective today, the company said Thursday. Rubin remains an employee and chairman until April 1. He’ll be succeeded as chairman by board member James Quella.
Michaels also reaffirmed fourth-quarter guidance to report a profit on the lower end of the range of $1.42 to $1.47 a share and same store sales in the range of a decline of 0.5 percent to an increase of 0.5 percent.
Cosby previously was president of North America of Office Depot from July 2014 until December 2016. From September 2011 to November 2013, Mr. Cosby served as president at CVS Caremark Corp. Prior to CVS, Cosby spent five years at Macy’s.
Philo T. Pappas was appointed interim president, merchandising and supply chain. Pappas has been with the company since 2009, most recently serving as president of Michaels procurement company and previously was executive vice president of merchandising.