Kirkland’s Inc. announced the completion of its management succession plan.
Mike Madden, currently President and Chief Operating Officer, will be named President and Chief Executive Officer. Madden will also join the Company’s board of directors, which will be increased from seven to eight members.
Robert Alderson will retire from his role as Chief Executive Officer and will remain on Kirkland’s board.
Adam Holland, most recently the Vice President of Finance and Chief Accounting Officer, will be appointed Vice President and Chief Financial Officer.
All changes were effective February 8.
Madden has been with Kirkland’s since 2000 and has served in a number of critical roles. Prior to his August 2014 promotion to President and Chief Operating Officer, Madden was Senior Vice President and Chief Financial Officer since 2008, and Vice President and Chief Financial Officer since 2006. From 2000 to 2005, Madden was Director of Finance.
“The transition we’ve finalized today caps a period of tremendous progress for Kirkland’s and sets our organization on a clear course for profitable growth as we expand our store and ecommerce channels,” said Wilson Orr, Chairman of Kirkland’s board of directors. “Our strong momentum to end 2014, marked by record sales and increased earnings guidance, is a tangible outcome of investments to fortify our technology and deepen our team. None of this would have been possible without Robert’s exemplary leadership, and we’re pleased he will continue to serve on the board.”
Kirkland’s net sales for the 52 weeks ended Jan. 31 increased 10.2% to $507.6 million compared with $460.6 million for the 52 weeks ended Feb. 1, 2014. Comparable store sales for fiscal 2014, including ecommerce sales, increased 6.1% compared with a 0.5% increase in fiscal 2013.