The Container Store CEO Satish Malhotra has resigned, effective immediately, and will be replaced by a “CEO office”.
According to an internal memo, Malhotra departs the company to “pursue other opportunities”. He assumed the position in early 2021.
The board has established the ‘office of the chief executive officer’ to oversee the company’s operations and strategy.
Chairman Joel Bines will take the role of executive chairman and lead the office. Chief transformation officer Martin Schumacher will become chief commercial officer and take part in the leadership team.
Independent board member Mike Nicholson, who is J Crew Group’s president and CEO, will be the advisor of the CEO office.
The change in leadership comes after The Container Store emerged from Chapter 11 bankruptcy in January.
After completing its financial restructuring, The Container Store is now a private company under the leadership of its lenders.
“We believe in the future of The Container Store – the only national, multi-channel retailer dedicated to helping people improve their lives through the power of organization,” the memo said.
“The company emerged from its restructuring stronger and healthier, and we could not be more excited to help this incredible team recapture a dominant position and grow the loyal customer base.”
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