Michael designates Staples Canada's long-time executive as CEO
Get ready, crafters! David Boone, former interim CEO of Essendant, is set to become the new CEO of Michaels starting February 28, 2025. With an impressive background in e-commerce and logistics, Boone is gearing up to steer Michaels through the ever-evolving world of crafting and retail.
Currently, Michaels' board of directors includes Boone, who succeeds Ashley Buchanan, who stepped down in January to take on the role of CEO at Kohl's. In the interim, a team consisting of Michaels' president, CFO, and chief merchant has been managing the company's daily operations.
With the long-term future of Joann, a crafting and sewing competitor, hanging in the balance, Boone faces a challenging yet exciting landscape. Joann recently filed for Chapter 11 bankruptcy for the second time in less than a year, resulting in the closure of about 500 of its 800 stores. While Michaels' board chairman, Andrew Jhawar, sees this as a time of opportunity, Boone is ready to navigate this terrain with a blend of strategic vision, customer focus, and retail experience.
Boone's retail leadership resume includes a six-year stint at Staples Canada, where he spearheaded a major transformation, revamping the retail experience, expanding merchandise offerings, and managing acquisitions and strategic partnerships. Showcasing his enthusiasm for the new role, Boone said, "Creativity has the power to bring people together, and I look forward to working alongside Michaels' talented team leading this iconic company into its next chapter - driving innovation, strengthening our connection with the maker community, and ensuring Michaels remains the go-to destination where everyone can create and celebrate anything."
Michaels, which currently operates over 1,300 stores in 49 states and Canada, experienced a surge during the pandemic as people sought out crafting activities while in lockdown. Michael's was taken private in a $5 billion deal led by Apollo Global Management in 2021, valued at $3.3 billion. Since then, Michaels has launched initiatives such as a marketplace, MakerPlace by Michaels, to compete with Etsy. They also debuted a brand identity refresh in 2023 as they celebrated their 50th anniversary, introduced price cuts on over 5,000 items, and partnered with DoorDash, Uber Eats, and the NFL's Dallas Cowboys.
Boone's proven leadership style and deep understanding of e-commerce and logistics will surely help Michaels navigate today's competitive retail landscape. With a positive initial response to his leadership already in the works, we can expect great things from this iconic crafting supplier in the future. Stay tuned, crafters!
- David Boone, with his expertise in e-commerce and logistics, is poised to guide Michaels through the dynamic world of crafting and retail.
- Boone's retail experience stretches back to his six-year stint at Staples Canada, where he led a transformation that included revamping the retail experience and managing acquisitions.
- As Michaels' new CEO, Boone aims to drive innovation, strengthen the company's connection with the maker community, and maintain its status as the go-to destination for crafting.
- With the uncertain future of competitor Joann, recently filing for bankruptcy, Boone, along with Michaels' board chairman Andrew Jhawar, sees this as an opportunity to make strategic moves in the industry.
- During the pandemic, Michaels, which currently operates over 1,300 stores, saw a surge in business as people turned to crafting activities for leisure.
- Financially, Michaels was taken private in a $5 billion deal in 2021 and has since launched initiatives such as MakerPlace by Michaels, a marketplace to compete with Etsy.
- In the competitive retail landscape, Boone's proven leadership and deep understanding of e-commerce and logistics are expected to help Michaels achieve continued success in the future.
