The Container Store Group, Inc. Announces Executive Changes
January 24, 2019 at 11:31 am
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On January 23, 2019, The Container Store Group, Inc. entered into amended and restated employment agreements with Melissa Reiff, the company’s Chief Executive Officer, Sharon Tindell, the company’s President and Chief Merchandising Officer, and Jodi Taylor, the company’s Chief Financial Officer, Chief Administrative Officer and Secretary, as part of its ongoing long-term succession planning. The employment agreement of William A. ('Kip') Tindell, III, the Chairman of the Board, will expire pursuant to its terms on the date of the company’s annual meeting of shareholders in 2019, and Mr. Tindell will not be standing for re-election at the 2019 annual meeting. The Reiff Employment Agreement provides that, in addition to her current role as Chief Executive Officer, Ms. Reiff will serve as the Chairperson of the Board commencing at the conclusion of the 2019 Annual Meeting and ending at the conclusion of the annual meeting of shareholders in 2021, and Chairperson of the board of directors of Elfa International AB commencing on the date the current Chairperson of the board of directors of Elfa International AB resigns (but no later than at the conclusion of the 2019 Annual Meeting) and ending on March 1, 2021. Ms. Tindell’s Fourth Amended and Restated Employment Agreement has a term ending at the conclusion of the 2019 Annual Meeting, at which point she will step down as the company’s President and Chief Merchandising Officer. The company has appointed Melissa Reiff as President and John Gehre as Chief Merchandising Officer, effective at the conclusion of the 2019 Annual Meeting. The Tindell Employment Agreement provides that, in addition to her current role as President and Chief Merchandising Officer, Ms. Tindell will continue to serve as a member of the Board and Chairperson of the board of directors of Elfa International AB during the term and will resign from such board positions on or prior to the conclusion of the 2019 Annual Meeting. Ms. Taylor’s Amended and Restated Employment Agreement has a term ending on March 1, 2021. The Taylor Employment Agreement provides that Ms. Taylor will continue to serve as the company’s Chief Financial Officer, Chief Administrative Officer and Secretary until a mutually agreed upon date after March 1, 2020 but before September 1, 2020, at which point she will no longer serve as the company’s Chief Financial Officer and a successor Chief Financial Officer will be named, but Ms. Taylor will continue to serve as the company’s Chief Administrative Officer and Secretary.
The Container Store Group, Inc. is a specialty retailer of organizing solutions, custom spaces, and in-home services. The Companyâs segment includes The Container Store (TCS) and Elfa. TCS segment consists of retail stores, Website, and call center (which includes business sales), as well as its in-home services business. Elfa segment includes the manufacturing business that produces the elfa brand products that are sold domestically exclusively through the TCS segment as well as on a wholesale basis. This segment designs and manufactures component-based shelving and drawer systems and made-to-measure sliding doors. Its shelving and drawer systems are customizable for any area of the home, including closets, kitchens, offices, and garages. The Company also offers its products directly to its customers through its Website, responsive mobile site and application, call center, and in-home design specialists and organizers. Its products are offered under elfa, Avera and Preston brands.