HUDSON, Ohio--(BUSINESS WIRE)--JOANN Stores, the nation’s leading fabric and craft specialty retailer,
announced today that Jill Soltau will resign as President & CEO,
effective immediately, to pursue an outside opportunity. Wade Miquelon,
Executive Vice President and Chief Financial Officer, will serve as
Interim President and Chief Executive Officer, while continuing in his
current role as EVP and CFO, until the Board of Directors concludes an
executive search process.
“On behalf of the Board of Directors, I want to thank Jill for her
leadership and vision to achieve sustained, profitable growth during her
tenure at JOANN, and wish her the best in her future endeavors. I am
also glad to announce Wade Miquelon as Interim President and CEO, and am
confident that he will lead the Company as it continues to execute its
strategic growth goals,” said John Yoon, Principal, Leonard Green &
Partners, L.P.
Miquelon joined JOANN as Executive Vice President and Chief Financial
Officer in March 2016 and partnered with Soltau to advance a strategic
growth plan that includes revitalized branding, refreshed merchandising
strategy, expanded digital capabilities, and customer-focused storefront
innovation. Previously, Miquelon was Executive Vice President, CFO and
President of International at The Walgreen Company, where he oversaw
strategy, mergers and acquisitions, business development, market
planning, and risk management.
JOANN has been privately-owned since its acquisition by affiliates of
Leonard Green & Partners, L.P. in 2011.
ABOUT JOANN
For 75 years, JOANN has inspired creativity in the hearts, hands, and
minds of its customers. From a single storefront in Cleveland, Ohio, the
nation’s leading fabric and craft retailer has grown to include more
than 865 stores across 49 states and an industry-leading e-commerce
business. With the goal of helping every customer find their creative
Happy Place, JOANN serves as a convenient single stop for all of the
supplies, guidance, and inspiration needed to achieve any project or
passion. For store locations, project ideas, and a full product
offering, visit joann.com.
ABOUT LEONARD GREEN & PARTNERS, L.P.
Leonard Green & Partners, L.P. (“LGP”) is a leading private equity
investment firm founded in 1989 and based in Los Angeles. LGP partners
with experienced management teams and often with founders to invest in
market-leading companies. Since inception, LGP has invested in over 90
companies in the form of traditional buyouts, going-private
transactions, recapitalizations, growth equity, and selective public
equity and debt positions. LGP primarily focuses on companies providing
services, including consumer, business, and healthcare services, as well
as retail, distribution, and industrials. For more information, please
visit www.leonardgreen.com.
