– USA, MN – Tile Shop Holdings, Inc. (Nasdaq:TTS), a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories, today announced that its Board of Directors has named Cabell (Cabby) Lolmaugh as the Company’s next president and chief executive officer, effective January 1, 2019.
Mr. Lolmaugh is a 17-year veteran of the Company who will also join its Board of Directors. As the Company’s new CEO, Mr. Lolmaugh’s top priority will be to continue the Company’s initiatives to deliver the best product assortment, best presentation and best service.
Robert Rucker, interim CEO said: “Cabby has been instrumental in getting our Company back to the Tile Shop Way of doing business. He clearly showed me and the rest of the Board that he understands our business and more importantly he knows what our customers need. This includes helping homeowners romance their home through our vast tile options and pro customers maximize their business through us. It was clear early on that Cabby had the knowledge and his actions this year give us confidence that we are on track and that he can lead us as we transition to profitable growth in 2019. The Company will be in good hands with Cabby.”
Peter Kamin, Chairman added :“On behalf of the Board, I would like to thank Bob for filling in as the interim CEO. As founder of our Company he was a strong and stabilizing presence for the organization during this period of change. Plus, with his vast knowledge and experience, it gave us time to take a methodical approach to the succession process which allowed us to develop and select the right candidate for the long term success of the Company. We are thrilled with Cabby’s performance over his career with us, in particular this year as we evaluated him to become the CEO. We look forward to a very exciting future with Cabby leading the Company. We also look forward to Bob staying involved as a Board member and a mentor consultant to Cabby.”
About Cabby Lolmaugh
After serving four year years in the U.S. Marine Corps., Mr. Lolmaugh joined the Company in 2001, working in the warehouse of the Company’s Roseville, MN store, which is one of the Company’s largest and most successful stores. From that time through 2012, he served in various roles at several locations, including Store Manager in Roseville, MN and Chicago, IL. In 2014, Mr. Lolmaugh was asked to develop and lead the Company’s pro customer strategy. Under his leadership, the Company developed various programs focused on training, product assortment, merchandising and marketing to increase the level of service to the pro customer.
In 2016, he became the Company’s first Director of Talent Development and was responsible for creating and implementing a comprehensive new sales associate and store manager training program nationwide. This work included launching new training, development and compensation programs for new sales associates and senior assistant store managers, which became the foundation of the Company’s talent development strategy. In 2017, Mr. Lolmaugh was promoted to Vice President of Retail Stores West, where he was responsible for the leadership and management of approximately half of the Company’s stores.
Since February 19, 2018, Mr. Lolmaugh has been Senior Vice President and Chief Operating Officer, and has led the Company’s efforts to pivot back to the business model that proved successful for over 30 years. This included increasing the Company’s product assortment by over 2,000 skus, implementing new merchandising and display features, enhancing the Company’s regional store management structure, improving the sales associate compensation system, and strengthening the Company’s connection with its professional channel partners.
Cabby Lolmaugh, current COO and named CEO said: “I am honored and privileged to have earned this opportunity from Bob and the Board. It is a very exciting time for The Tile Shop. Our entire team has worked extremely hard and fast over the past 13 months to position our Company for success. We are positioned well to execute our stated strategy to deliver the best products, the best presentation and the best service in the industry. We will continue to be relentless in this pursuit.”
About The Tile Shop
The Tile Shop is a leading specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories in the United States. The Tile Shop offers a wide selection of high quality products, exclusive designs, knowledgeable staff and exceptional customer service in an extensive showroom environment. Each store is outfitted with up to 50 full-room tiled displays which are enhanced by the complimentary Design Studio, a collaborative platform to create customized 3-D design renderings to scale, allowing customers to bring their design ideas to life. The Tile Shop currently operates 140 stores in 31 states and the District of Columbia, with an average size of 20,200 square feet and sells products.
For more information : https://www.tileshop.com
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