END OF AN ERA: RUSS SOLOMON STEPS DOWN
As part of the move, Tower President Michael Solomon has been named Chairman, and retail turnaround specialist Betsy Burton has been named interim CEO.
Over a 25-year operating management career, Burton has served as CEO of companies including Supercuts and PIP Printing. She has also served as interim CEO at Toysrus.com and iFlourish. She sits on the Boards of Staples Inc., The Sports Authority Inc., Rent-a-Center Inc. and Aeropostale Inc.
“Given the challenges we currently face, we have resolved to appoint an interim management specialist to produce improved profitability and create efficiencies throughout our company,” Tower Chairman and President Michael Solomon said. We firmly believe that Ms. Burton’s dynamic leadership skills and expertise will enable the company to produce results, strengthen our financial position and pave the way to future success. We are delighted that she will be joining the Tower family and welcome her as our new colleague.”
“I am looking forward to working with the Tower team to develop and execute a strategy to restore the company to financial health and long-term viability,” said Burton. “I fully recognize that these are challenging times for the industry and will work quickly to effect the necessary changes.”
Tower owns and operates 171 stores and has 56 franchise operations worldwide.
