On February 28, 2019, The Michaels Companies, Inc. announced the appointment of Mark Cosby, age 60, as the Interim Chief Executive Officer of the company and a member of the company's Board of Directors, each appointment effective as of February 28, 2019. Mr. Cosby will succeed Carl S. Rubin, who is transitioning out of his role as Chief Executive Officer, effective February 28, 2019. He is expected to remain Chairman of the Board and an employee of the company until April 1, 2019.

Following Mr. Rubin's resignation from the Board, James Quella will assume the role of Chairman of the Board. Mr. Cosby served as President, North America of Office Depot, Inc. from July 2014 until December 2016. From September 2011 to November 2013, Mr. Cosby served as President, Retail at CVS Caremark Corporation, where he was responsible for all aspects of the $65 billion retail business, including 7,600 retail stores, 19 distribution centers, retail merchandising, supply chain, marketing, real estate and store pharmacy operations.

Mr. Cosby joins The Michaels Companies following a 30-year career at a number of leading retail chains, most recently serving as President, North America at Office Depot Inc. The company also announced that it has appointed Philo T. Pappas as Interim President - Merchandising and Supply Chain. Pappas has been with the company since 2009, most recently serving as President - Michaels Stores Procurement Company and formerly serving as Executive Vice President - Merchandising.