The fact that this was partly uncovered in a report published by an anonymous short seller who was also calling foul on a lot of other things that were egregious and untrue didn't help the company's reputation. A former employee - who was also Rucker's former brother-in-law - apparently had an undisclosed financial interest in an Asian Tile Shop supplier. The company has known its share of scandal under Rucker, especially over the past year. However, that's not necessarily a bad thing. Considering that Homeister has only been with the company for about a year, this is a big change in leadership, and will undoubtedly lead to further changes in the company's internal culture. The thing is, it's still incredibly early in the expansion process, not to mention the worst housing market since the economic crisis, so a CEO transition right now seems quite scary.įurthermore, Rucker's personal wealth is still highly tied to Tile Shop, while Homeister only holds 50,000 shares, though he will receive options for up to 150,000 more shares that would vest over five years. Bob Rucker co-founded the company some 30 years ago, and has led it from just a handful of stores, all the way to the current 105 stores open today.
One of the - at least for me - reasons to invest in Tile Shop Holdings, was that it was a founder-led company. Let's take a closer look at the earnings release, and the management transition, and see what we can learn. Combined with falling short in both revenue and earnings estimates of Wall Street analysts, and the stock is getting killed, which is nothing new to shareholders over the past year or so. In a bit of a surprise Tuesday morning, Tile Shop Holdings announced that co-founder and CEO Robert Rucker will retire at the end of the year, and COO Chris Homeister will be taking over as CEO in January. Institutional Distribution Intelligence.Non-Traditional Exchanges & New Markets.Directors’ and Officers’ Questionnaires.
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