A Monday Hire for Tuesday Morning

Nearly three weeks after naming Michael Rouleau its interim chief executive officer, discount closeout retailer Tuesday Morning (NASDAQ: TUES  ) now has a chief financial officer to work with him.

On Monday, Tuesday Morning announced that it has hired retail industry veteran Jeffrey Boyer to become its new executive vice president, chief administrative officer, and chief financial officer effective immediately.

Boyer replaces current CFO Stephanie Bowman, who is leaving the company to pursue "other professional interests." Bowman will continue to consult for the company for one year "to facilitate a smooth transition." She will be paid $26,250 per month for her consulting work, plus a lump sum severance of $185,000 30 days after completion of the consulting period -- "provided Ms. Bowman enters into a mutual release."

As for Boyer, he should fit right in at Tuesday Morning. As the company pointed out in a press release, he used to work with CEO Rouleau when the executives both worked previously at crafts store chain Michaels Stores in the mid-2000s. "I am very pleased to join the Tuesday Morning team, and am eager to work again with Michael [Rouleau] to help ensure the Company realizes its potential as a leading value retailer," Boyer said in a statement.

In a filing with the SEC, Tuesday Morning disclosed that it will be paying Boyer an annual base salary of $400,000, plus an annual bonus targeting 50% of base salary, 250,000 stock options vesting over four years, and other "standard employee benefits generally offered to the Company's employees."


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2629439, ~/Articles/ArticleHandler.aspx, 12/19/2014 11:04:29 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement