Mark Spinks—most recently the COO of Beauty Systems Group—has been promoted to president of Sally Beauty Holdings' professional-products distributorship, replacing longtime BSG president John Golliher.
Golliher is becoming BSG chairman (as a full-time employee and at his previously disclosed compensation levels in public documents) until Sept. 30, will continue to serve as a director of parent company Sally Beauty Holdings until Oct. 1 and will assume a consulting role for two years Oct. 1.
"Under John's tenure, he took BSG from a small, unprofitable business to an industry-leading organization with over $1 billion in sales," Chris Brickman, Sally Beauty Holdings president and CEO, told analysts in the SBH fiscal 2015 third quarter earnings conference call Aug. 6. "Mark will have some very big shoes to fill, but is well-qualified for the challenge. He is a seasoned veteran of the professional-beauty business and has held various leadership positions in BSG for over 10 years. Almost a year ago we appointed Mark to the COO role, and he has demonstrated strong leadership of BSG since assuming that position. As a result, I have complete confidence in Mark and have no doubt this will be a smooth transition. And I can assure you that John will be close at hand as a trusted adviser."
Spinks, 54, has been BSG's COO since September 2014. Prior to that, he was the vice president of operations/general manager for the company’s Armstrong McCall franchise business—a position he held for five-and-a-half years. Previously, he was the director of business development at the company for nearly four years.
With Spinks' promotion comes a 25% increase in his annual salary. In addition, his target annual bonus under the company’s management-incentive plan increases from 55% of his base salary to 60% of his base salary.
In the SBH fiscal 2015 third quarter earnings reported Aug. 6, BSG had sales of $379.3 million, up 4% from the fiscal 2014 third quarter, with same store-sales growth of 5.6% versus 2.7% in the fiscal 2014 third quarter.
"Our Beauty Systems Group had another terrific quarter," said Brickman to analysts in the SBH fiscal 2015 third quarter earnings conference call Aug. 6. "The introduction of new brands and product innovation continues to drive sales growth above historical run rates, resulting in strong bottom-line performance."
In the SBH fiscal 2015 third quarter earnings reported Aug. 6, BSG also has a net store count of 1,286—an increase of 27 stores over the fiscal 2014 third quarter. Total BSG distributor sales consultants at the end of the fiscal 2015 third quarter was 952 versus 980 at the end of the fiscal 2014 third quarter.
[Earnings-call transcript by Seeking Alpha used, among other sources]
[Photo of Mark Spinks speaking at Sally Beauty Holdings headquarters in Denton, Texas, last year during a Sally Beauty Holdings/Beauty Systems Group vendors and press event by Marc Birenbaum, Beauty Store Business]