Discount retailer 99 Cents Only Stores announced that Andrew Giancamilli, currently chairman of the board, will take over as interim president and CEO. He replaces Stéphane Gonthier, who has resigned from the role.
"We would like to thank Stéphane for his service," said David Kaplan, co-founder and senior partner of Ares Management and a member of the board. "He has been instrumental in leading 99 Cents Only Stores through a transformative period of dynamic change. The board of directors is looking forward to having Andy on the team with our dedicated '99ers' as we continue to expand our unique brand of extreme value."
Giancamilli has been a member of the board since 2012 and has served as chairman since April 20, 2015. He has more than 30 years of experience with leadership positions for big retailers, specifically a tenure as president and CEO of Katz Group Canada for more than 8 years, and a tenure as president and COO of Kmart. Press release