Dive Brief:
- At Home CEO Lee Bird III will retire on Dec. 31 after 11 years of main the corporate, the retailer mentioned Wednesday in firm announcement. Bird additionally served as chairman of the board.
- In the interim, President and Chief Merchandising Officer Jeff Evans; Chief Financial Officer Jerry Murray; and Chief Operating Officer Ashley Sheetz will concurrently serve in a newly created Office of the CEO to deal with the tasks of operating the business.
- Erik Ragatz, At Home’s lead director, will function govt chairman. The firm mentioned it has begun a seek for its subsequent CEO.
Dive Insight:
At the beginning of Bird’s tenure in December 2012, At Home had 58 shops and $364 million in income. Today, the retailer has 268 shops in 40 states and almost $2 billion in income, in keeping with the discharge. Established in 1979 in Texas, the corporate was previously generally known as Garden Ridge and targeted on pottery and crafts.
Bird oversaw a number of important transitions and initiatives throughout his time with the retailer. They embrace spearheading the corporate’s rebranding to At Home in 2014, main the retailer via the COVID-19 pandemic and supporting the event of a loyalty program, which launched in 2017. That program has grown as we speak to over 15 million members, the corporate mentioned.
Private fairness agency Hellman & Friedman acquired the corporate in 2021 for $2.8 billion. Last fall, At Home launched a cell app and expanded same-day supply to all shops, which common about 100,000 sq. ft. This spring, At Home accomplished a $200 million non-public placement and different monetary strikes that enabled the corporate to strengthen its steadiness sheet.
During that time-frame, rivals in retail’s home decor sector struggled financially and operationally. Earlier this 12 months Tuesday Morning and Bed Bath & Beyond filed for chapter. Their failure resulted within the closure of greater than 800 bodily shops. In distinction, At Home has maintained a sluggish however regular tempo of retailer openings.
“Helping At Home become one of the nation’s top home décor retailers is one of the great honors of my career,” Bird mentioned. “I want to sincerely thank everyone throughout the company who has contributed to At Home’s many achievements. Together, we have created a valuable, differentiated business with even more room for growth, and I’m confident in this team’s ability to continue to build on At Home’s track record of success.”
