Bruce Quinnell

(GLOBE NEWSWIRE) -- Tuesday Morning Corporation and Becker Drapkin Management, L.P. ("Becker Drapkin") today announced that Steven R. Becker and Richard S. Willis have been appointed as independent members of the Board of Directors of Tuesday Morning, effective July 1, 2012. In connection with the appointment of Messrs. Becker and Willis to the Board, Becker Drapkin has agreed to vote in favor of each of the Board's nominees for election at the 2012 and 2013 Annual Meetings of Shareholders and not to take certain actions during a "standstill" period. Mr. Becker has been appointed to serve as the Chair

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.