Container Store CEO’s favorite collection doesn’t need storing
As Melissa Reiff prepares to retire after 26 years with the chain, she credits her father for her love of a good quote and lessons from her first job for her power of positive thinking.
The Container Store at Galleria North in Dallas is one of two new closet showrooms opened last year by the Coppell-based retailer. The other one is in Los Angeles.(Lola Gomez / Staff Photographer)
The Container Store CEO Melissa Reiff has one of those positive attitudes that was nurtured early in life.
“I grew up in a household where my dad started every morning singing,” she said. When she was in college, he started sending her quotes in the mail. His favorite: “Have compulsion for closure.”
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What happened
Shares of
The Container Store (NYSE:TCS) have popped as much as 22% after the company announced a new CEO and provided an update regarding the business. As of 12:30 p.m. EST, the stock was still up 11%.
So what
The Container Store named Satish Malhotra as its new CEO, effective on Feb. 1, replacing current chief executive Melissa Reiff. The current leader has served as CEO since 2016 and will retire on March 1 but remain as Chairwoman of the Board until the consumer discretionary company s annual meeting this summer. Malhotra was most recently the Chief Retail and Operating Officer of
The Container Store Group, Inc Announces Plan for CEO Succession; Satish Malhotra to Be Appointed CEO and President Effective February 1, 2021 businesswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesswire.com Daily Mail and Mail on Sunday newspapers.
The Container Store names a new CEO as Melissa Reiff plans to retire
Satish Malhotra comes to the Coppell-based retailer from Sephora. The stock price is trading higher.
The Container Store opened last year in new space north of Galleria Dallas along the Dallas North Tollway with an expanded custom closets showroom. There s one other store like it in Los Angeles.(Lynda M. González / Staff Photographer)
Malhotra, 45, is the first CEO to be hired from outside the company.
When The Container Store was founded in Dallas in 1978, it created a whole new category of merchandise. It still leads in that category as imitators over the years have come and gone.