Sally Beauty Holdings announced Feb. 5 that president and COO Chris Brickman succeeded Gary Winterhalter as CEO effective Feb. 1, 2015. Winterhalter will continue to serve the company as executive chairman of the board of directors.
The changes—announced along with the company's fiscal 2015 first-quarter results (see the "Sally Beauty Holdings, Inc. Announces Fiscal 2015 First Quarter Results" press release), released Feb. 5 as well—are consistent with SBH's previously-announced executives-transition plan.
“The board and I are very pleased to have an outstanding candidate such as Chris step into the CEO role,” said Robert McMaster, lead independent director of SBH's board of directors. “Chris is a passionate leader with an exceptional track record of success throughout his career. We are confident he will add tremendous value and drive continued growth and development for the organization. The board is very grateful to Gary Winterhalter for his leadership as CEO and his commitment to the company’s success. We are pleased that he will continue to play a key role with the company.”
Winterhalter (pictured above, on the right) served as CEO since the company's separation from The Alberto-Culver Co. in 2006. Under his leadership, sales grew from $2.4 billion to $3.8 billion, adjusted EBITDA more than doubled and the stock price quadrupled.
Winterhalter stated, “This transition is timely as the company is doing well, and we have a successor in place. Sally Beauty is well-positioned for continued growth, and I am confident that Chris and his management team can take the company to the next level. I am extremely proud of our employees, and tremendously grateful to our suppliers and customers, who all have helped make Sally Beauty Holdings successful. I look forward to working with Chris and the board of directors in my role as executive chairman.”
Brickman (pictured above, on the left) has been a member of SBH's board of directors since September 2012, and has served as president and COO since June 2, 2014. Before joining SBH, he was president of Kimberly-Clark International.
Brickman noted, “I am honored to take the helm of this great company. I hope to build on the strong foundation that Gary developed during his long career at the company. I assure you that the company’s priority will remain focused on the execution of our strategic initiatives to drive long-term shareholder value. I am very grateful to Gary for his guidance during the recent transition period and for his ongoing leadership role at the company.”
[Images courtesy of Sally Beauty Holdings]