Denton-primarily based Sally Attractiveness Holdings has its initially feminine main executive officer.
Denise Paulonis, 49, a previous main fiscal officer at Irving-based mostly Michaels, arrives to Sally Natural beauty from Sprouts Farmers Current market, wherever she had been CFO given that February 2020.
She will succeed Chris Brickman, 56, on Oct. 1. Brickman has been CEO because 2012 and will continue being on a consulting basis via March “to guidance an orderly changeover,” the business said.
Paulonis has been on Sally Beauty’s board since 2018. She was at arts and crafts retailer Michaels from 2014 to 2020 and held many executive positions from 2000 to 2014 at PepsiCo, McKinsey & Co. and Lender of America.
Sally Beauty is a wholesaler of specialist hair color and retailer of hair and magnificence solutions as a result of 5,000 suppliers. Brickman reported in a assertion that he thinks “the most effective is still to occur for Sally Elegance.” He led the corporation by a transition that bundled updates in its e-commerce, a present day loyalty application, considerable enhancements in technology and the pandemic.
“As the firm emerges from the hard function of its transformation, each the board and Chris agree that now is the suitable time for a change in leadership,” reported Robert McMaster, chairman of Sally Magnificence.
The board “unanimously think Denise is the suitable leader to generate the subsequent phase of the company’s development,” McMaster claimed.
Sally Natural beauty inventory has obtained about 40% so considerably this year as earnings and profits fortify. For the 9 months finished June 30, Sally Attractiveness experienced an just about 13% maximize in gross sales to $2.88 billion from a yr ago and a lot more than tripled its gain to $171.7 million.
“As a latest board member, I know to start with-hand what a driven workforce this is, and I could not be additional thrilled to strike the ground operating,” Paulonis stated. “We have an incredible prospect to propel the business into its following chapter.”
Cowen Investigation claimed in a note Wednesday that the changeover has been in the producing for some time and referred to as Paulonis “a strong strategic thinker and skilled public company CFO.”
“Our choose is that the two in-retail outlet innovation and a additional connected electronic and physical expertise are really critical priorities,” Cowen explained. “Furthermore, we feel the footprint of the complete worldwide keep base ought to be continuously evaluated.”
One far more massive obstacle faces Paulonis, Cowen claimed: the essential task of retaining and partaking far more new Gen Z and Millennial consumers into the brand’s small business of do-it-oneself hair lifestyle and colour innovation.
Paulonis will be paid out a salary of $1.1 million with a target annual reward of 150% of her wage. She will obtain a sign-on reward of $400,000, $1.45 million in restricted inventory and $1 million in stock solutions. She is also eligible for a lengthy-term incentive award valued at $4.25 million.
Brickman has entered into a separation arrangement that contains up to $500,000 in consulting pay out and up to 24,202 in effectiveness-centered limited inventory plus accelerated time-centered awards of 275,570 inventory selections and 99,087 restricted shares.
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