A nice board member. But his appointment argues against a quick sale.
TUES might have more upside that way anyhow.
Montalto, 66, brings more than 40 years of retail experience to the Tuesday Morning Board. This includes 26 years at Sterling, an operating subsidiary of Signet Jewelers , and the largest specialty jewelry retailer in the United States. During his tenure at Sterling, which included increasingly senior positions culminating in his COO role, the Company grew from a small, privately-held retailer to more than 1,300 stores and sales of more than $3.0B. Mr. Montalto's specific contributions included systems integration, business process development/operations improvement, and numerous brand equity building initiatives.
"Bill Montalto is a first class executive who has held senior leadership positions at one of the top performing retailers in America," said Steven R. Becker, Chairman of the Board. "Bill's operational expertise and extensive knowledge in all aspects of retailing including information technology, real estate and marketing will make him a terrific addition to the Tuesday Morning Board of Directors."
Earlier in his career, Mr. Montalto held systems positions with Saks Fifth Avenue, JCPenney and W.T. Grant.
All fine and dandy, however, his expertise has been in high end development which TM is not. Should offer a totally different approach to TM. Let's see what happens. We are still headed in a great direction, but a sale (if any) is at least 2-3 years out...maybe even 4. They need to make TM truly stand out from the pack. If they succeed in making improvements then a potential buyer would not be another investment company because there would not be anything left to turn around. Taking a beating today like everyone else. Hopefully will drop closer to 9.00 then I am in.