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The Associated Press June 6, 2012, 6:24PM ET

Tuesday Morning ousts Kathleen Mason as CEO

Tuesday Morning Corp. has ushered out its current CEO and is on the hunt for a new one, the discount retailer said Wednesday. It also announced several other management changes and lowered its guidance, which sent its shares plunging in after-hours trading.

The company said that it relieved Kathleen Mason of her duties as president and CEO on Tuesday. She was appointed to the post in 2000.

Michael Marchetti, 55, who is its executive vice president and chief operating officer, was promoted to president and chief operating officer. He will also serve as interim CEO.

"The board of directors concluded it was the right time to transition leadership to a new executive who will guide the company through its next stage," Bruce Quinnell, chairman of the company's board, said in a statement.

The company promoted Melinda Page, its senior vice president and general merchandise manager, to executive vice president and chief merchandise officer. Seth Marks, its senior vice president of alternative sourcing and e-commerce, has been promoted to senior vice president and chief marketing officer.

It also said that board member Sheldon Stein resigned effective May 31. He joined the board less than a year ago, in September 2011.

Tuesday Morning, which sells closeout house ware and home decor items, reported in April that its third-quarter loss widened as fewer people visited its stores and bought less each visit. The company had planned to revamp its website and improve its marketing to help improve slowing sales.

The Dallas-based company says it now expects to earn 11 to 15 cents per share for the year, before the costs of the CEO hunt. That's down from its prior forecast of earning 13 to 16 cents per share.

It forecast annual revenue of $810 million to $815 million, down from earlier guidance of $815 million to $820 million.

Tuesday Morning's shares rose 35 cents to close the day at $4.40 amid a broader market rally. But its shares fell 37 cents, or more than 8 percent, to $4.03 in after-hours trading on the news.

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