Effective April 8, 2015, the board of directors of The Michaels Companies, Inc. voted to increase the size of the board from eleven directors to twelve directors and appointed Karen Kaplan to the board to fill the resulting vacancy. Ms. Kaplan will serve on the boards audit committee. Since 2013, Ms. Kaplan has served as chairman and chief executive officer of Hill Holliday, Inc. Additionally, on April 8, 2015, Todd M. Cook and Jill A. Greenthal each informed the board of their respective decisions not to stand for re-election as a director at the company's annual meeting of stockholders to be held on June 3, 2015.

In each case, the decision not to stand for re-election is not as a result of any disagreement with the company. In addition, Ms. Greenthal resigned as a member of the audit committee effective April 8, 2015. Mr. Cook is a managing director at Bain Capital, LLC and Ms. Greenthal is a senior advisor at The Blackstone Group.

As part of its ongoing restructure, the board has also appointed the company's chief executive officer and director, Carl S. Rubin, as chairman.