Michaels Stores Names Ulta Salons' Chuck Rubin As New CEO

Michaels Stores has announced that they are naming Chuck Rubin as their new Chief Executive Officer and a member of the Board of Directors. The company has been operating under an interim Office of the Chief Executive Officer since the departure of previous CEO John Menzer on medical leave in mid-April 2012.

Chuck Rubin is resigning the post of CEO and Board Member of Ulta Beauty, where he's been since 2010, effective February 21st to take the post at Michaels Stores. Before joining Ulta, Rubin was at Office Depot for six years. From 2007 to 2010, Rubin was also a member of the executive committee of the National Retail Federation.

Rubin offered his thoughts on his future at Michaels Stores in the announcement:

Michaels is an iconic brand and a category leader in the large and fragmented arts and crafts industry, with considerable potential moving forward. With its diverse product offering of industry defining brands and unique customer engagement strategy, Michaels has built a loyal customer base. I am honored and excited by the opportunity and look forward to working with the Company’s talented management team and dedicated associates.

Michaels Stores will discontinue the interim Office of the CEO upon Rubin's arrival after a transition period, but Charles "Chuck" Sonsteby, a member of the Office of the CEO, will continue as the Company's Chief Administrative Officer and Chief Financial Officer.

Private equity firms Bain Capital Partners, LLC, and The Blackstone Group L.P. jointly own Michaels Stores.The Company owns and operates 1,099 Michaels stores in 49 states and Canada, and 126 Aaron Brothers stores.