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The Michaels Companies Appoints Mark S. Cosby Chief Executive Officer

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Michaels
Mark Cosby

The Michaels Companies, Inc. (NASDAQ: MIK) today announced that Mark S. Cosby has been named Chief Executive Officer effective immediately. An experienced consumer goods and retail executive with deep operations expertise, Cosby has served as Interim CEO and a member of the Board of Directors since February 2019.

The appointment of Cosby follows a comprehensive search process conducted by a special committee of the Board. "The search committee conducted an exhaustive evaluation of many outstanding candidates and unanimously concluded that Mark brings the right strategic vision and operating skill to lead Michaels into a new chapter,” said James Quella, Chairman of The Michaels Companies Board of Directors. “We are confident Mark is the right executive to lead Michaels transformation efforts and know he is excited about the opportunity to execute under the strategy he helped create. Under his leadership the company is well positioned for future growth by capitalizing on the potential of our digital strategy and giving the maker community a home that fosters the power of their creativity.”

“During my tenure as interim CEO, Michaels has undertaken and completed an exhaustive strategy review effort which included extensive customer research of our core makers. This effort has convinced me even more of the great untapped potential for the future growth of Michaels,” Cosby said. “My priority moving forward as permanent CEO, is to bring together the resources and talent we have, to deliver against our customer centric strategy and to continue to improve our level of execution.”

Before joining Michaels, Cosby most recently served as President, North America at Office Depot Inc. His previous experience includes senior executive roles as President of Retail at CVS Caremark and a variety of positions at Macy’s Inc., including President, Stores.