Jul 20, 2012 04:19 PM EDT

Michaels CEO John Menzer Resigns to Recover From Stroke

Michaels Stores, Inc. announced today that Chief Executive Officer, John Menzer, has resigned from his position to recover from a stroke he suffered from only three months ago.

The company is currently in search for a new CEO to take Menzer's place. The previous Office of the CEO including Lew Klessel, Interim Chief Operating Officer for the Company and Managing Director of Bain Capital, and Chuck Sonsteby, Chief Administrative Officer and Chief Financial Officer, will continue to guide the Company until a replacement is found.

In April, 60 year old Menzer was hospitalized and in stable condition from a stroke. This was a difficult time for Menzer to be absent from the company, as Michaels had declared plans to launch a $500 million Initial Public Offering of company stock.

However, company officials tried to be understanding of the abrupt conditions.

"Our thoughts and prayers continue to be with John and his family during his ongoing recovery. We will greatly miss his leadership, passion and enthusiasm, but the imprint he has left on the Company will endure in its people and their commitment to excellence," said Matt Levin, Managing Director with Bain Capital Partners, LLC. "John's contributions to Michaels cannot be overstated and he will always remain part of the Michaels family."

Peter Wallace, Senior Managing Director with Blackstone added, "One of John's many legacies is the strength of the team he built throughout the organization. We are fortunate to have such a capable group to carry forward under Lew and Chuck's leadership while we complete the process of selecting a new CEO for the Company."



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