The Tile Shop Names Cabell Lolmaugh as Director and CEO
20 Dezembro 2018 - 10:00AM
Tile Shop Holdings, Inc. (Nasdaq: TTS) (the “Company”), a specialty
retailer of natural stone and man-made tiles, setting and
maintenance materials, and related accessories, announced today
that its Board of Directors has named Cabell (Cabby) Lolmaugh as
the Company’s next president and chief executive officer, effective
January 1, 2019. Mr. Lolmaugh, 40, is a 17-year veteran of the
Company who will also join its Board of Directors. As the Company’s
new CEO, Mr. Lolmaugh’s top priority will be to continue the
Company’s initiatives to deliver the best product assortment, best
presentation and best service.
Cabby Lolmaugh – Background and
ExperienceAfter serving four year years in the U.S. Marine
Corps., Mr. Lolmaugh joined the Company in 2001, working in the
warehouse of the Company’s Roseville, MN store, which is one of the
Company’s largest and most successful stores. From that time
through 2012, he served in various roles at several locations,
including Store Manager in Roseville, MN and Chicago, IL. In 2014,
Mr. Lolmaugh was asked to develop and lead the Company’s pro
customer strategy. Under his leadership, the Company developed
various programs focused on training, product assortment,
merchandising and marketing to increase the level of service to the
pro customer.
In 2016, he became the Company’s first Director
of Talent Development and was responsible for creating and
implementing a comprehensive new sales associate and store manager
training program nationwide. This work included launching new
training, development and compensation programs for new sales
associates and senior assistant store managers, which became the
foundation of the Company’s talent development strategy. In 2017,
Mr. Lolmaugh was promoted to Vice President of Retail Stores West,
where he was responsible for the leadership and management of
approximately half of the Company’s stores.
Since February 19, 2018, Mr. Lolmaugh has been
Senior Vice President and Chief Operating Officer, and has led the
Company’s efforts to pivot back to the business model that proved
successful for over 30 years. This included increasing the
Company’s product assortment by over 2,000 skus, implementing new
merchandising and display features, enhancing the Company’s
regional store management structure, improving the sales associate
compensation system, and strengthening the Company’s connection
with its professional channel partners.
Management Commentary – Cabby Lolmaugh,
current COO and named CEO“I am honored and privileged to
have earned this opportunity from Bob and the Board. It is a very
exciting time for The Tile Shop. Our entire team has worked
extremely hard and fast over the past 13 months to position our
Company for success. We are positioned well to execute our stated
strategy to deliver the best products, the best presentation and
the best service in the industry. We will continue to be relentless
in this pursuit.”
Management Commentary – Robert Rucker,
interim CEO“Cabby has been instrumental in getting our
Company back to the Tile Shop Way of doing business. He clearly
showed me and the rest of the Board that he understands our
business and more importantly he knows what our customers need.
This includes helping homeowners romance their home through our
vast tile options and pro customers maximize their business through
us. It was clear early on that Cabby had the knowledge and his
actions this year give us confidence that we are on track and that
he can lead us as we transition to profitable growth in 2019. The
Company will be in good hands with Cabby.”
Board Commentary – Peter Kamin,
Chairman“On behalf of the Board, I would like to thank Bob
for filling in as the interim CEO. As founder of our Company he was
a strong and stabilizing presence for the organization during this
period of change. Plus, with his vast knowledge and experience, it
gave us time to take a methodical approach to the succession
process which allowed us to develop and select the right candidate
for the long term success of the Company. We are thrilled with
Cabby’s performance over his career with us, in particular this
year as we evaluated him to become the CEO. We look forward to a
very exciting future with Cabby leading the Company. We also look
forward to Bob staying involved as a Board member and a mentor
consultant to Cabby.”
About The Tile Shop
The Tile Shop (Nasdaq: TTS) is a leading
specialty retailer of manufactured and natural stone tiles, setting
and maintenance materials, and related accessories in the United
States. The Tile Shop offers a wide selection of high quality
products, exclusive designs, knowledgeable staff and exceptional
customer service in an extensive showroom environment. Each store
is outfitted with up to 50 full-room tiled displays which are
enhanced by the complimentary Design Studio, a collaborative
platform to create customized 3-D design renderings to scale,
allowing customers to bring their design ideas to life. The Tile
Shop currently operates 140 stores in 31 states and the District of
Columbia, with an average size of 20,200 square feet and sells
products online at www.tileshop.com.
The Tile Shop is a proud member of the American
Society of Interior Designers (ASID), National Association of
Homebuilders (NAHB), National Kitchen and Bath Association (NKBA),
and the National Tile Contractors Association (NTCA). Visit
www.tileshop.com. Join The Tile Shop (#thetileshop) on Facebook,
Instagram, Pinterest and Twitter.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward looking statements may be identified by the use of words
such as “anticipate”, “believe”, “expect”, “estimate”, “plan”,
“outlook”, and “project” and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. These forward looking statements include any
statements regarding the Company’s strategic and operational plan
and expected financial performance (including the financial
performance of new stores). Forward looking statements should not
be read as a guarantee of future performance or results, and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved. Forward looking
statements are based on information available at the time those
statements are made and/or management’s good faith belief as of
that time with respect to future events, and are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward looking statements, including but not limited to unforeseen
events that may affect the retail market or the performance of the
Company’s stores. The Company does not intend, and undertakes no
duty, to update this information to reflect future events or
circumstances. Investors are referred to the most recent reports
filed with the SEC by the Company.
Contacts:Investors and
Media:Ken Cooper763-852-2950ken.cooper@tileshop.com
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