- Push-out Score determined
- After about four and a half years in the position
- Satish Malhotra taking over
- Reiff will remain as Chairwoman at Container Store
- Reiff spoke at length and said 141 words
(exechange) — Coppell, Texas, December 22, 2020 — Melissa Reiff, chief executive of Container Store, leaves her position. As announced by Container Store Group Inc. in a news release and in a regulatory filing published on Tuesday, December 22, 2020, Melissa Reiff leaves her post as chief executive officer of the retailer of storage and organization products after about four and a half years in the role, effective February 1, 2021.
Reiff leaves the company effective March 1, 2021.
Melissa Reiff’s duties as CEO will be taken over by Satish Malhotra, most recently Chief Retail and Operating Officer of Sephora.
It is a generational change as well. Satish Malhotra is about 20 years younger than Melissa Reiff.
The fact that Melissa Reiff’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Planned retirement”
Melissa Reiff’s departure from the CEO post is explained as follows. Melissa Reiff, Chairwoman and Chief Executive Officer, said: “The Board and I have spent months preparing for my planned retirement and, after a thorough and exhaustive search, we are thrilled to announce the appointment of Satish Malhotra as our next CEO and President.”
Reiff will remain as Chairwoman at Container Store
“Effective March 1, 2021, Ms. Reiff will retire from the Company, while retaining her position as Chairwoman of the Board of Directors until the annual meeting of shareholders in late summer 2021,” Container Store said.
“Retirement”
Container Store said: “Satish Malhotra, an experienced retail executive, will succeed Melissa Reiff as CEO and President on February 1, 2021.”
Container Store further said: “On December 21, 2020, Melissa Reiff notified The Container Store Group, Inc. (the “Company”) of her retirement as President and Chief Executive Officer of the Company, effective February 1, 2021.”
Share price increase since December 2019
The announcement follows an increase in Container Store Group Inc.’s share price of 152% since December 2019.
In the position of CEO since 2016
Melissa Reiff became CEO of the Company in 2016.
Melissa Reiff has served as the Company’s Chief Executive Officer since July 2016 and as the Company’s Chairwoman of the Board and President since August 2019.
Previously, Reiff served as the Company’s President and Chief Operating Officer from March 2013 to July 2016, and as the Company’s President from 2006 to 2016.
She has also served on the Company’s Board of Directors since August 2007 (and on the Board of Directors of The Container Store, Inc. since February 2006).
Reiff joined The Container Store in 1995 as Vice President of Sales and Marketing, and assumed the role of Executive Vice President of Stores and Marketing in 2003.
She is a member of the International Women’s Foundation and C200, an organization of leading women in business dedicated to fostering growth and increasing opportunities for women entrepreneurs and corporate leaders worldwide.
Reiff has served on the Board of Directors of Etsy since April 2015, where she is also a member of the compensation committee.
She also serves on Southern Methodist University’s Cox School of Business Executive Board and is a sustaining member of the Junior League of Dallas.
Reiff was honored with the 2012-2013 SMU Cox School of Business Distinguished Alumna award. Reiff was selected to the Company’s Board of Directors because she possesses particular knowledge and experience in retail, marketing, merchandising, operations, communication and leadership.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Container Store and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 52.2020 ($).