Reuters: Private Equity: UPDATE 1-Michaels names CFO, sponsor to assume CEO role

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UPDATE 1-Michaels names CFO, sponsor to assume CEO role May 16th 2012, 22:04 Wed May 16, 2012 6:04pm EDT May 16 (Reuters) - Michaels Stores Inc named its finance chief and a managing director with one of its private equity owners to assume the responsibilities of the arts and crafts chain's CEO, who suffered a stroke in April. Lew Klessel, a managing director with Bain Capital Partners, and Charles Sonsteby, Michaels' CFO, will form the retailer's Interim Office of the CEO. Sonsteby will also act as interim operations chief. Klessel and Sonsteby will report to the company's board. Klessel oversees Bain's investments in Michaels. Chief Executive John Menzer is expected to be absent "for an extended period of time," Michaels said on Wednesday. Michaels, which filed in March to list shares publicly, operates 1,066 retail stores in 49 U.S. states and in Canada. Private equity owners Blackstone and Bain purchased the Texas-based arts and crafts company for more than $6 billion six years ago.

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