HUDSON, Ohio--(BUSINESS WIRE)--Jo-Ann Fabric and Craft Stores, the nation’s leading fabric and craft retailer, announced today that Travis Smith is stepping down as the Company’s President and Chief Executive Officer, effective immediately.
The Board of Directors is undertaking a comprehensive search to identify a replacement Chief Executive Officer. Until a replacement has been identified, Jim Kerr, the Company’s Executive Vice President and Chief Financial Officer, will serve as Interim Chief Executive Officer of the Company, while continuing in his current role as CFO. In his role as Interim CEO, Mr. Kerr will partner with Riddi Kline, Executive Vice President of Marketing and Merchandising, and Tom Williams, Executive Vice President of Operations and Human Resources, to manage the business. Collectively, these Executive Officers will leverage over forty years of combined experience at Jo-Ann to continue executing on the Company’s established strategic plan.
“On behalf of the Board of Directors, I want to thank Travis for the positive role he has played in contributing to the growth of Jo-Ann during his tenure at the Company,” said Todd Purdy, Partner, Leonard Green & Partners, L.P. Mr. Smith joined Jo-Ann in July 2006 and has served in various executive roles prior to being named CEO in August 2011.
“I am proud of our accomplishments at Jo-Ann,” said Mr. Smith. “Together we have expanded the reach of Jo-Ann by growing the store base, investing in omni-channel initiatives, and improving the customer experience. I wish the Company and its employees all the best as I pursue a new chapter in my career.”
About Jo-Ann Stores, LLC
Jo-Ann Fabric and Craft Stores, the nation’s leading fabric and craft retailer with locations in 49 states, was founded in 1943 as a single retail store. Today, more than 830 Jo-Ann stores across the country provide consumers all the fabrics, craft supplies and inspiration they need, conveniently under one roof. For additional information, visit Joann.com. To make creative connections, visit Joann.com/community.
About Leonard Green & Partners, L.P.
Leonard Green & Partners, L.P. is one of the nation’s preeminent private equity firms with over $15 billion of private equity capital raised since inception. Founded in 1989, the firm has invested in over 70 companies with an aggregate value of over $85 billion in the form of traditional buyouts, going-private transactions, recapitalizations, growth capital investments, corporate carve-outs and selective public equity and debt positions. Based in Los Angeles, California, Leonard Green & Partners invests in established companies that are leaders in their markets. For more information, please visit www.leonardgreen.com.