Nearly three weeks after naming Michael Rouleau its interim chief executive officer, discount closeout retailer Tuesday Morning now has a chief financial officer to work with him.

On Monday, Tuesday Morning announced that it has hired retail industry veteran Jeffrey Boyer to become its new executive vice president, chief administrative officer, and chief financial officer effective immediately.

Boyer replaces current CFO Stephanie Bowman, who is leaving the company to pursue "other professional interests." Bowman will continue to consult for the company for one year "to facilitate a smooth transition." She will be paid $26,250 per month for her consulting work, plus a lump sum severance of $185,000 30 days after completion of the consulting period -- "provided Ms. Bowman enters into a mutual release."


As for Boyer, he should fit right in at Tuesday Morning. As the company pointed out in a press release, he used to work with CEO Rouleau when the executives both worked previously at crafts store chain Michaels Stores in the mid-2000s. "I am very pleased to join the Tuesday Morning team, and am eager to work again with Michael [Rouleau] to help ensure the Company realizes its potential as a leading value retailer," Boyer said in a statement.

In a filing with the SEC, Tuesday Morning disclosed that it will be paying Boyer an annual base salary of $400,000, plus an annual bonus targeting 50% of base salary, 250,000 stock options vesting over four years, and other "standard employee benefits generally offered to the Company's employees."

The article A Monday Hire for Tuesday Morning originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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