Michaels Stores Inc. (Irving, Texas), the country’s largest arts and crafts retailer, has announced the retirement of ceo R. Michael Rouleau and said it might put itself up for sale.
“Our decision to explore strategic alternatives is driven by a commitment,” said chairman Charles Wyly Jr., “to position the company to expand market share, improve customer service and deliver stronger performance.”
Wyly and his brother, Samuel , a vice chairman, are both in their 70s and may have pushed for the change as they look to increase the share price and spur rapid change at the retailer. The brothers reportedly owned 7.9 percent of the company's outstanding stock.
After Rouleau steps down, chief financial officer Jeffrey Boyer and general merchandise manager Gregory Sandfort will act as co-presidents, assuming the duties of ceo.
Michaels has grown market value from $310 million to about $4.5 billion in 10 years. It operates 896 stores.