BALDWIN — Hancock Fabrics Inc. has decided to not renew the employment agreement with the company’s president and CEO Jane F. Aggers.
Her employment with the company will terminate effective Jan. 28. She will also resign from the board effective with her departure.
Board member Steven R. Morgan will serve as interim president and CEO while a committee of the board conducts a search to identify a successor.
Steven Scheiwe, chairman of the board of directors, said, “Ms. Aggers helped Hancock Fabrics through a difficult period and its successful emergence from bankruptcy in 2008. The board is appreciative of her leadership over the past six years.”
Morgan, 59, has been a director of the company since June 2010 and currently chairs the Audit Committee. Morgan also serves on the Compensation Committee of the board and on its Nominating and Corporate Governance Committee.
Morgan has over 30 years of retail experience. Formerly, he was president of GameStop Corporation from 2005 to 2008 and held the position of president of North American Operations at Electronic Boutiques as well as president of EB Games – Canada, and held various senior executive roles with May Department Stores and Federated Department Stores. He is an operating partner with Verite Capital Partners, a private equity and consulting firm, and was a director of Movie Gallery Inc., a home entertainment specialty retailer, from Sept. 2009 to Nov. 2010.