Ulta Beauty CEO named chief executive of Michaels Stores
Irving, Texas -- Michaels Stores has named Chuck Rubin as CEO and a member of the board of directors. Rubin is currently the president and CEO of Ulta Beauty.
Rubin will assume his new roles after a brief period of transition, at which time Michaels will discontinue the “Office of the Chief Executive Officer,” established on an interim basis in May 2012. Charles "Chuck" Sonsteby, a member of the Office of the CEO, will continue as Michaels’ CFO and chief administrative officer.
Rubin joined Ulta Beauty as COO in May 2010, assuming the position of president and CEO later that year as part of a planned CEO succession process. Prior to that he spent six years with Office Depot where he served as EVP and chief merchandise and marketing officer, rising to president North American Retail.
Matt Levin, managing director with Bain Capital Partners, LLC, and Peter Wallace, senior managing director with The Blackstone Group L.P., jointly commented: "Chuck Rubin is a proven leader in the retail industry with an impressive track record of success across a broad range of businesses and executive roles. We are thrilled to add an executive of his caliber to lead the company and its talented and deep management team. We also want to thank Lew Klessel of Bain Capital and Chuck Sonsteby for their dedication and work as members of the Office of the CEO, which has provided valuable leadership continuity for the company during this interim period."
Michaels Stores owns and operates 1,099 Michaels stores in 49 states and Canada, and 126 Aaron Brothers stores.