Ron Marshall is the new chief executive officer of Claire’s Stores Inc.
Marshall, who was the former president and ceo of The Great Atlantic and Pacific Tea Co. supermarket chain and at bookseller Borders Group, has been on Claire’s board since December 2007.
Marshall’s appointment was detailed Thursday in a Securities and Exchange Commission filing. The filing also said that under an employment agreement, he will receive an annual base salary of $900,000.
Marshall succeeded Beatrice Lafron. The same SEC filing said she resigned her ceo post and her directorship, with Thursday as the effective date. The company said in the filing that her resignation from the board “was not due to any disagreement with the company known to any executive officer of the company on any matter relating to the company’s operations, policies or practices.”
In a separate filing with the SEC from Wednesday, Claire’s exchanged $174.4 million aggregate principal amount of its 10.5 percent senior subordinated notes due 2017 held by Apollo Funds for $174.4 million aggregate principal amount in its newly issued 10.5 percent payment-in-kind senior subordinated notes due 2017. A PIK is a financial instrument that pays interest or dividends with additional debt or equity instead of cash. The acquired subordinated notes have been extinguished.
The note exchange makes Apollo an indirect controlling shareholder of Claire’s. Apollo Management acquired Claire’s in 2007 in a $3.1 billion transaction.