- After about four years in the position
- Praise and thanks for Miquelon
- Search for a successor
(exechange) — Hudson, Ohio, May 9, 2023 — Wade Miquelon, chief executive of Joann, leaves his position. As announced by Joann Inc. in a news release and in a regulatory filing published on Tuesday, May 9, 2023, Wade Miquelon has left his post as chief executive officer at the retailer of crafts and fabrics, after about four years in the role, effective May 8, 2023.
Joann will undertake a search for a successor.
“Driving operational efficiencies”
Joann did not give an explicit reason for Wade Miquelon’s departure from the CEO post. Brian Coleman, Vice President, Leonard Green Partners, L.P., stated: “As we look to the next chapter for Joann, we remain focused on delivering value for our shareholders through strategic priorities centered on creating a great in-store and online experience for our customers, driving operational efficiencies, and capitalizing on Joann’s strength in the sewing, arts and crafts categories.”
Precise information regarding Wade Miquelon’s future plans was not immediately available.
Joann said: “Joann Inc. (NASDAQ: JOAN) (“Joann”), the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, announced the retirement of Wade Miquelon as President and Chief Executive Officer effective May 8, 2023.”
Joann further said: “On May 8, 2023, Wade Miquelon ceased serving as the President and Chief Executive Officer of Joann Inc. (the “Company”), and retired from the Company and its subsidiaries, effective as of that same date.”
“Not the result of any disagreement”
Joann stated, regarding the change: “Mr. Miquelon’s departure from the Board was not the result of any disagreement between Mr. Miquelon and the Company, its management, the Board or any committee of the Board.”
Share price decline since May 2021
The announcement follows a decline in Joann Inc.’s share price of 84% since May 2021.
In the position of CEO since 2019
Wade Miquelon became CEO of the Company in 2019.
Miquelon has served as the Company’s President, Chief Executive Officer and a member of the Board since February 2019.
Prior to that time, he served as the Company’s Executive Vice President, Chief Financial Officer beginning April 2016 and as the Company’s interim President and Chief Executive Officer from October 2018 to February 2019.
Previously, Miquelon served as Chief Financial Officer and Executive Vice President of Walgreens Boots Alliance, Inc. (“Walgreens”), a global pharmacy and wellbeing company, beginning in 2009, and later took on the additional responsibility as President, International, beginning in 2012 until 2014.
Prior to his tenure at Walgreens, Miquelon served as Executive Vice President, Chief Financial Officer of Tyson Foods, Inc., a multinational protein-focused food company.
Prior to that, Miquelon spent fifteen years as an executive at The Procter & Gamble Company, a consumer goods corporation, and was based in Europe, Asia and the United States.
In 2018, without admitting or denying any of the allegations, Miquelon consented to the issuance of an SEC order relating to his tenure at Walgreens providing that he cease and desist from committing or causing any violation or future violations of Section 17(a)(2) of the Securities Act and pay a civil monetary penalty of $160,000. The suit was brought against Walgreens and certain of its executives, including Miquelon. The order related to actions taken prior to 2015 and did not bar Miquelon from serving as an officer or director of a public company.
Miquelon currently is a board member of Acadia Healthcare Company, Inc. and a trustee of National 4-H Council.
He previously served on the boards of Alliance Boots, Lyric Opera and Chicago Shedd Aquarium.
No statement by Wade Miquelon
In the news release announcing his departure as CEO of Joann Inc., Wade Miquelon received praise and thanks.
The announcement of his departure as CEO does not include a statement by Wade Miquelon.
40% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 312 CEO departures in the Russell 3000 Index evaluated over the past 12 months (May 9, 2022, to May 8, 2023), the average Push-out Score was 6.2, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, pursuit of other opportunities or time with family were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 40% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, two in five departing CEOs were forced out or fired.
Push-out Score for Wade Miquelon’s move determined
The Push-out Score regarding Wade Miquelon’s move is explained point by point in the exechange report.
exechange reached out to Joann and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2023 ($).