Dive Brief:
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Joann Stores on Tuesday announced that it's sticking with Wade Miquelon, who last year was named interim chief executive upon the departure of Jill Soltau, now J.C. Penney's CEO. Miquelon has been named president, CEO and a board member, according to a company press release emailed to Retail Dive.
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Miquelon joined the sewing-and-crafts retailer as executive vice president and chief financial officer three years ago and was key to the "revitalized branding, refreshed merchandising, expanded digital capabilities, and customer-focused storefront innovation" executed under Soltau, the company said. Before that he was CFO at The Walgreen Company and held executive roles at Tyson Foods and Procter & Gamble.
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The company also tapped Matt Susz, who has been with the retailer since 1996, to take over as CFO. His most recent role there was chief operating officer, according to the release.
Dive Insight:
Soltau and her team over the past three years woke Joann up from 75 years of mostly successful retailing that had eased into something of a slumber. The retailer's new concept stores, in-store tech, targeted purchase programs and digital moves are all geared to an era when crafters of all ages are embracing a maker movement — and the company had been in danger of missing out.
"Joann has evolved from a slightly old-fashioned fabric store to a modern store selling a whole range of crafting products and solutions," GlobalData Retail Managing Director Neil Saunders told Retail Dive in an email last year, crediting Soltau's leadership.
The company apparently sees no reason to depart from that shift now in her absence. John Yoon, Principal at private equity owner Leonard Green & Partners, said in a statement, "We determined that Wade was the best fit to lead JOANN, as he embraced the CEO role and earned the trust of the organization. Wade's strategic vision, differentiated thinking, and open communication style are [benefiting] the culture and results at JOANN and make him an excellent leader for the company."
