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Arts and crafts retailer The Michaels Cos. Inc. said a member of its board Lewis Klessel resigned as director, effective Dec. 5.
The retailer said in a Dec. 8 SEC filing that based on its investor agreement with Bain Capital Private Equity LP and The Blackstone Group LP, each of the two companies has the right to name representatives to the board.
Klessel was a Bain designee before Oct. 1. Bain designated and the board appointed Ryan Cotton to replace Klessel, effective Dec. 8.