- Push-out Score suggests push-out forces
- After almost three years in the position
- Thanks for Homeister
- Bob Rucker taking over in the interim
- Search for a successor
(exechange) — Minneapolis, Minnesota, October 27, 2017 — Chris Homeister, chief executive of Tile Shop, leaves — as “mutually decided”. As announced by Tile Shop Holdings, Inc. in a news release on Friday, October 27, 2017, Chris R. Homeister leaves the post as Chief Executive Officer at the specialty retailer of stone tiles after almost three years in the position.
No company wants a CEO to flame out in the first years.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 22 percent of the CEOs who departed over the past twelve months left within three years. Overall, the average tenure of those who left was 8.9 years, according to data compiled by exechange.
The exact date of Homeister’s departure was not specified in the announcement.
Tile Shop will undertake a search for a successor.
Homeister’s duties are taken over in the interim by Bob Rucker, founder and former CEO at Tile Shop Holdings, Inc.
Tile Shop Holdings, Inc. still listed Homeister as President & Chief Executive Officer on its leadership page.
“To re-focus the Company on its core strategy”
The management change is explained as follows. Robert Rucker, who founded the Company and served as its CEO for many years, said in a fairly blunt statement: “Chris and the Board have mutually decided this is the right time to re-focus the Company on its core strategy that was key to its historic growth and profitability and it makes sense at this time to set up the leadership team with a new CEO to take the Company forward.”
Precise information about the future plans of Homeister was not immediately available.
Tile Shop said: “Chris Homeister has stepped down as Chief Executive Officer.”
Share price decline
The change follows a sharp decline in the share price of Tile Shop Holdings, Inc. since July 2017.
Chaired by Peter H. Kamin
Tile Shop Holdings, Inc. is chaired by Peter H. Kamin.
Peter H. Kamin has served as a member of the Company’s Board since August 2012.
In the position of CEO since 2015
Chris R. Homeister served as the Chief Executive Officer and President of Tile Shop Holdings, Inc. since January 1, 2015.
Chris Homeister was President and Chief Executive Officer of The Tile Shop, the leading specialty retailer of natural stone, ceramic, glass and porcelain tile, and setting and maintenance materials.
He was elected to the company’s Board of Directors in 2015.
Since joining the company in 2013, Homeister also held the role of Chief Operating Officer, where he oversaw all merchandising, retail operations, eCommerce, finance, supply chain, purchasing and information technology functions.
Homeister’s career history has included leading global sourcing, merchandising and retail expansion for Fortune 500 companies.
Prior to joining The Tile Shop, he worked for Best Buy for seven years, most recently serving as the General Manager and Senior Vice President leading the Entertainment division.
He also led the Computer and Mobile Electronics businesses during his tenure there. Prior to that, he held executive leadership positions at Gateway, Inc., where he led corporate development, private label product development, and strategic alliances. He began his career at Amoco Oil Company.
Born and raised in Iowa, Homeister earned his Bachelor of Business Administration degree with a major in Finance from The University of Iowa, and completed his MBA at The University of Notre Dame.
Outside of the workplace, Homeister enjoys spending time with family, boating and coaching youth sports.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Chris Homeister’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 44.2017 ($).