Kirkland’s is looking for a new CEO
The chief executive of Kirkland’s has resigned after 18 years with the company.
The home décor retailer announced that W. Michael Madden has resigned as president, CEO and director of the company, effective immediately. He will serve as an “employee-advisor” to the board until June 30, 2018. Madden, who joined Kirkland’s in 2000 and served in a number of roles, including CFO and COO, was promoted to CEO in February 2015.
Michael B. Cairnes, Kirkland’s executive VP and COO, will serve as acting CEO while the board conducts a search for a new CEO. Prior to joining Kirkland’s in late 2016, Cairnes was with Michael's Stores, where he served concurrently as president of its Aaron's Brothers retail business, and president of its Artistree framing business.
"We thank Mike Madden for his 18 years of service and his assistance as an advisor during this transition," said R. Wilson Orr, chairman of Kirkland's. "We have important initiatives underway that we believe can improve our financial performance, and Mike Cairnes' proven experience in running our day-to-day operations will enable us to maintain continuity and execution focus as the board proceeds with the CEO search."
Kirkland’s reported fourth quarter net sales of $224.6 million, compared with $203.2 million in the year-ago period. Same-store sales rose 2%.
Comparable store sales, including e-commerce sales, increased 2% against a decline of 4.6% in the prior year.
Kirkland's operates 423 stores in 36 states.
The home décor retailer announced that W. Michael Madden has resigned as president, CEO and director of the company, effective immediately. He will serve as an “employee-advisor” to the board until June 30, 2018. Madden, who joined Kirkland’s in 2000 and served in a number of roles, including CFO and COO, was promoted to CEO in February 2015.
Michael B. Cairnes, Kirkland’s executive VP and COO, will serve as acting CEO while the board conducts a search for a new CEO. Prior to joining Kirkland’s in late 2016, Cairnes was with Michael's Stores, where he served concurrently as president of its Aaron's Brothers retail business, and president of its Artistree framing business.
"We thank Mike Madden for his 18 years of service and his assistance as an advisor during this transition," said R. Wilson Orr, chairman of Kirkland's. "We have important initiatives underway that we believe can improve our financial performance, and Mike Cairnes' proven experience in running our day-to-day operations will enable us to maintain continuity and execution focus as the board proceeds with the CEO search."
Kirkland’s reported fourth quarter net sales of $224.6 million, compared with $203.2 million in the year-ago period. Same-store sales rose 2%.
Comparable store sales, including e-commerce sales, increased 2% against a decline of 4.6% in the prior year.
Kirkland's operates 423 stores in 36 states.