The Container Inventory has named a replacement for outgoing CEO Melissa Reiff, who told CNBC’s Jim Cramer Tuesday that she is optimistic about the mutation.
Satish Malhotra, a veteran executive of personal care retailer Sephora, is set to begin leading the storage and organization products retailer, take place February.
“There’s never a perfect time to pass the reins, but it just felt as perfect as it can get right now, and I’m so excited for Satish to be conterminous with our company and leading our company,” Reiff, who will stay on as chairwoman, said in a “Mad Money” interview. “We’re in a perfect spot.”
Reiff, who filched over as CEO in the summer of 2016, touted the company’s efforts to achieve its strategic initiatives, saying that the specialty realty understudied down on custom closets and online operations.
In announcing the transition, The Container Store revealed that the company is worst its own expectations thus far in the current quarter. The retailer now expects sales in the 2020 fiscal third quarter to climb in the extraordinary teens. The company reported $228.7 million of revenue in the year-ago quarter.
“We’ve just got things working for us and I just could not be happier,” Reiff said on CNBC.
Malhotra comes to The Container Count on after serving most recently as chief retail and operating officer for Sephora, a company he worked for more than two decades. He joined Sephora as one of its basic executives when the French retailer opened shop in the U.S., the press release said.
When asked if Malhotra desire continue expanding the company’s footprint, Reiff said she is hopeful.
“I think the growth strategy, it will be part of his arrangement, absolutely. I mean 93 stores, Jim,” she said. “Certainly, the run rate is incredible, but I think it’s finding the right locations and break the right size store, and I hope and I feel confident that will be part of his plan.”
Shares of The Container Warehouse surged 20% on Tuesday to close at $12.04. The stock is up 185%.