Burlington Stores, Inc. Announces Leadership Succession Plan
Thomas Kingsbury, Chairman, President and Chief Executive Officer, will step down as CEO on or about September 16, 2019, after more than 10 years in that role. Mr. Kingsbury will continue to support the Company as Executive Chairman of the Board of Directors during a transition period.
- Michael O’Sullivan, formerly President and Chief Operating Officer of
Ross Stores, Inc., will join the Company on or about September 16, 2019as Chief Executive Officer. Mr. O’Sullivan will also be appointed to the Company’s Board. Jennifer Vecchio, Chief Merchandising Officer, Principal, has been appointed to the newly created role of President, Chief Merchandising Officer, effective immediately. She will continue to be responsible for Merchandising and Planning, and will also oversee Marketing and Strategy.
“Given our tremendous progress and the strong foundation we have established, the Board and I believe now is the right time to transition to new leadership,” said Mr. Kingsbury. “Michael brings extensive experience and a proven record of success in the off-price retail business, and his team-oriented leadership style makes him a natural fit for our organization. We believe that Michael is uniquely qualified to lead
“Jennifer has outstanding merchandising and leadership skills, strong relationships with the vendor community and a deep understanding of our business model. She is an energetic and inspirational leader, and the Board and I believe she will continue to drive the Company’s merchandising and marketing strategies as President and Chief Merchandising Officer,” Mr. Kingsbury continued. “I am privileged to have served alongside an outstanding team during my time as CEO, and thank our Board, leadership team and employees across the country for their dedication and commitment.”
Mr. O’Sullivan commented, “Under Tom’s leadership,
Updated Fiscal First Quarter 2019 Outlook
The Company now expects Adjusted Earnings Per Share for the 13 weeks ending
About Michael O’Sullivan
Mr. O’Sullivan has significant off-price retail experience, having served in executive positions at
Ms. Vecchio joined
For more information about the Company, visit www.Burlington.com.
Safe Harbor for Forward-Looking and Cautionary Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). All statements other than statements of historical fact included in this release are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. We do not undertake to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including those described from time to time in our filings with the Securities and Exchange Commission. For each of these factors, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended.
Investor Relations Contact:
Source: Burlington Stores, Inc.