OPERATIONS

Casual Male Retail names chief marketing officer

BY Staff Writer

Canton, Mass. — Casual Male Retail Group said Thursday that it has named Derrick Walker as senior VP and chief marketing officer.

Walker was previously VP marketing for Lenscrafters. He has also served as VP marketing for Finish Line and as director of marketing for RadioShack.

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OPERATIONS

Tuesday Morning fires CEO

BY Katherine Boccaccio

Dallas — Tuesday Morning Corp. said Wednesday it has ousted CEO Kathleen Mason and will launch a search for a new chief executive.

Mason was named president and CEO in 2000 and has come under fire as the closeout retailer has suffered slowing sales and widening losses.

Tuesday Morning also announced that executive VP and COO Michael Marchetti has been promoted to president and COO and will service as interim CEO until a successor for Mason is found.

“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,” Bruce Quinnell, chairman of the company’s board, said in a statement.

Melinda Page, senior VP and general merchandise manager, has been promoted to executive VP and chief merchandise officer, and senior VP alternative sourcing and e-commerce Seth Marks has been promoted to senior VP and chief marketing officer.

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OPERATIONS

Best Buy founder and chairman vacates board earlier than planned

BY Katherine Boccaccio

Minneapolis — Best Buy Co. said Thursday that its founder and chairman Richard Schulze is resigning from his position on the board, one he has held for more than 40 years.

He said he will explore options for his 20.1% stake in the electronics retailer. "There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today’s customers and building pathways to the next generation of consumers," Schulze said in a statement. "Accordingly, I have shared my views with the board and today informed them of my decision to resign as chairman and a director, effective immediately, in order to explore all available options for my ownership stake.”

Schulze, 71, previously planned to step down after the company’s 2012 annual meeting on June 21 and to remain a director through the 2013 annual meeting.

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