DALLAS — Steven Becker and Richard Willis are the newest members of the Tuesday Morning board of directors with two more directors expected to be named in the coming months.
The infusion of new board members follows last month’s dismissal of former president and CEO Kathleen Mason and an increasing ownership interest by the Dallas-based investment firm Becker Drapkin Management. Steven Becker is a partner and co-founder of the firm which focuses on investments small capitalization companies. He also serves on the boards of Hot Topic, Ruby Tuesday, semiconductor manufacturer Pixelworks and diagnostics provider SDIX.
Before starting Becker Drapkin in Dallas in December 2009, Becker was a founding partner in Greenway Capital, a fund focused on small cap, U.S. companies. He started Greenway in 2005, after eight years at Special Situations Fund.
"We are strong believers in Tuesday Morning's brand, business model, and potential," Becker said. "The opportunity now is to work shoulder-to-shoulder with the board and management team to improve execution and the customer experience so that this potential, as well as shareholder value, is maximized."
Tuesday Morning currently operates 852 stores.
New board member Willis currently serves as president and CEO of Navarre Corp., a distributor and provider of logistics solutions and publisher of computer software. He previously served as the executive chairman of specialty retailer Charlotte Russe, president of shoes for footwear manufacturer Crews and president and CEO of book distributor Baker & Taylor.
The company said it would work with Becker Drapkin Management to identify two additional board members in the coming months. In the meantime, the company is operating under the leadership of president and interim CEO Michael Marchetti who was elevated from his role as EVP and COO when Mason was released.
"On behalf of the board, I am pleased to welcome both Steve (Becker) and Richard (Willis) to our board," said Bruce Quinnell, Tuesday Morning’s board chairman. “Their track record of working constructively with public company investments, including retail companies, will be a valuable asset as we work to reinvigorate the brand."