Michaels launches search for new CEO

Irving, Texas -- Michaels Arts and Crafts said Friday it will be seeking a new top executive to replace CEO John Menzer, who has resigned to recover from a stroke.
 
After Menzer suffered a stroke in April, Michaels created an office of the CEO comprised of Lew Klessel, interim COO and a managing director of Bain Capital, and Chuck Sonsteby, Michael’s chief administrative officer and CFO. The pair will continue to lead the company until Menzer’s successor is hired.

Menzer served as CEO of Michaels for the past three years and prior to that he held a variety of senior leadership roles at Wal-Mart Stores Inc., including CFO and CEO of the company’s international division.