The Regis Salon at the Nicollet Mall and 6th in downtown Minneapolis.
David Brewster, Star Tribune
Many hats for Regis' interim chief exec
- Article by: DEE DePASS
- Star Tribune
- June 29, 2012 - 11:51 PM
Regis Corp.'s interim chief operating officer, Eric Bakken, was tapped this week as interim CEO while the beleaguered hair care company continues its search for a permanent leader.
Despite the dual roles, Bakken, an 18-year Regis veteran, will not get additional pay for his added duties, according to documents Regis filed Friday with the U.S. Securities and Exchange Commission.
Bakken is already Regis' executive vice president, general counsel and business development officer in addition to his new duties as interim COO and interim CEO.
The unusual scenario comes after several abrupt leadership changes at the struggling hair salon chain, which has been under intense pressure from activist shareholders.
In April, Edina-based Regis reported a $1.4 million net loss for the third quarter. While it marked an improvement over the $57.4 million lost during the second quarter, the third quarter proved to be the 15th consecutive quarter in which same-store sales declined.
Former CEO Paul Finkelstein, 69, stepped down as CEO in February after pressure from an activist hedge fund. He also stepped down as chairman in May. Regis President Randy Pearce was scheduled to succeed Finkelstein, but announced instead that he would retire on June 30.
That left a void, which Bakken, 45, has been tapped to fill, at least temporarily.
Regis officials noted that Bakken was promoted to executive vice president in 2010 and made interim COO in January 2012 after his predecessor, David Bortnem, was fired.
Dee DePass • 612-673-7725
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