Mason out as Tuesday Morning CEO

DALLAS — Tuesday Morning has ousted president and CEO Kathleen Mason and has begun a search for a new chief executive. Michael Marchetti, EVP and COO, has been promoted to president and COO and will serve as interim CEO until a replacement is found. Melinda Page, SVP, general merchandise manager has been promoted to EVP and chief merchandise officer and Seth Marks SVP of alternative sourcing and e-commerce has been promoted to SVP and chief marketing officer.

The company provided little detail regarding the reason for Mason's departure, but said that its board decided that it was time for new leadership.

"The board of directors concluded it was the right time to transition leadership to a new executive who will guide the company through its next stage" said Bruce Quinnell, the chairman of the board. "We are confident in Mike, Melinda, Seth and the rest of the senior management team to help lead the company through this important transition."

The company also announced that Sheldon Stein resigned from the board of directors effective May 31.

The company also announced it is revising its 2012 fiscal year guidance. Tuesday Morning now expects net sales for fiscal 2012 to be in the range of $810 million to $815 million. Comparable-store sales are expected to decrease by 3.2% to 3.9% and earnings per diluted share are expected to be in the range of 11 cents to 15 cents before costs associated with the replacement of the CEO. For fiscal 2012 capital expenditures are expected to be $15 million, and the company expects to increase total square footage by approximately 2%.

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