The company announced Wednesday that At Home CEO Lee Bird will step down from his position on December 31st.
Bird, 58, has been with the company for 11 years, transforming it from a tired Houston-based brand called Garden Ridge to a fast-growing mom-and-pop superstore concept. He moved his headquarters to Plano and changed the brand name to “At Home.” A year ago, the company moved to new headquarters in Dallas.
The departure came as a surprise, and most expected Bird to move the company out of private equity ownership through an initial public offering at some point. At Home went private following a July 2021 proxy challenge by Hellman & Friedman in a deal worth $2.8 billion.
Bird said at the time that he believed At Home could more than double its store count to more than 600 locations and that it could do so more quickly as a private company.
A CEO search is underway, the company said in a statement.
In the meantime, a CEO's office has been established for President and Chief Merchandising Officer Jeff Evans to run the business. Jerry Murray Chief Financial Officer; Ashley Sheets Chief Operating Officer.
Eric Ragatz, At Home's lead director, will become executive chairman. Mr. Ragatz was previously a partner at Hellman & Friedman, where he worked for more than 20 years and is listed on H&F's website as a senior advisor.
“On behalf of the company, I would like to thank Mr. Lee for his outstanding leadership at At Home over the past 10 years,” said Mr. Ragatz. “Lee has helped grow his At Home into one of his premier retailers in a variety of industries. As a leader and mentor, Lee has provided tremendous support to At Home's thousands of employees. He has made an impact and will remain a valued member of the family for many years to come.”
Bird joined the company as CEO in December 2012 after holding executive positions at Gap, Old Navy and Nike. He led his At Home from a 58-store, $364 million-in-revenue chain to his 268-store, $2 billion in annual sales. The company was taken private after a successful period when Americans were keeping their homes in order during the pandemic. Sales in 2020 increased by 27.4% to $1.74 billion.
Mr. Bird was not available for an interview.
“It has been one of the great honors of my career to build At Home into one of the nation's top home decor retailers,” Bird said in a press release. He thanked the staff who contributed to the company's performance.
“Together, we have created a valuable and differentiated business with further scope for growth. ,” Bird said.
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