Jo-Ann Splits Leadership Post

The company will search for a new CEO; Alan Rosskamm will serve as executive chairman.
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Fabric and crafts seller

Jo-Ann Stores

(JAS)

is separating the role of chairman from the newly created position of president and chief executive, a move that follows similar shifts at dozens of other public companies in the last couple of years.

Alan Rosskamm, currently chairman, president and CEO, will serve as executive chairman of the company. Jo-Ann will start a nationwide search to fill the new position, which will report to Rosskamm and assume responsibility for day-to-day operations and execution of the company's strategy.

Jo-Ann, based in Hudson, Ohio, said Rosskamm will continue to serve as president and CEO during the search process.

"We have a great brand, the leading market position in sewing, and a large and growing share of the market for crafts," the company said in a press release Monday. "As we continue to transform our business from traditional fabric stores to superstores offering a wide assortment of crafts and fabrics, it is clear that we must focus sharply on retail execution and operational excellence."

Shares of Jo-Ann were adding 23 cents, or 1.9%, to $12.65.