Tuesday Morning's Stock Tumbles Toward 3-year Low After CEO Retires Abruptly

Tuesday Morning Corp.'s stock tumbled 19% in morning trade Tuesday, putting it on track for the lowest close in more than three years, after the abrupt retiring of the off-price retailer's chief executive. The company said earlier that CEO Michael Rouleau was retiring, "effective immediately," and that it will begin looking for candidates. The company didn't name an interim CEO; it said Chairman Steven Becker will oversee strategic initiatives until a new CEO is appointed. The stock has now lost 60% over the past three months, and 75% year to date, and is headed toward the lowest close since Aug. 29, 2012. Meanwhile, the SPDR S&P Retail ETF has lost 8.7% year to date, and the S&P 500 has slipped 8.3%.

Copyright © 2015 MarketWatch, Inc.