Jo-Ann Fabric and Craft Stores says President and CEO Travis Smith has stepped down

MarketsAssociated Press

The CEO of Jo-Ann Fabric is stepping down immediately as president and CEO, the retailer said Tuesday.

The company did not specify a reason for the departure of Travis Smith. In a press release Smith, who has led the company since August 2011, said that he was pursuing a new chapter in his career.

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Chief Financial Officer Jim Kerr will serve as interim CEO. He will work with head of marketing and merchandising Riddi Kline and head of operations and human resources Tom Williams to lead its business.

Jo-Ann Fabric and Craft Stores has been owned by the private equity firm Leonard Green & Partners since 2011. It has 830 stores in 49 states.