99 Cents Only Stores secures CFO

99 Cents Only Stores appointed Felicia Thornton as CFO, replacing interim CFO Michael Fung, who will return to his position as board member and head of the board's audit committee.

Fung has served as interim CFO since late June when Bradley Lukow resigned from the company.

Effective immediately, Thornton is now responsible for overseeing finance, accounting, treasury, risk management, legal and IT functions. Her appointment is part of a broader agreement with majority shareholder Ares Management L.P.

Thornton most recently served as co-CEO, president and COO of supermarket chain DSM, Inc. She was also CFO at Alberstons for more than five years.

Her career began at Ralphs and Fred Meyer, which both became a part of Kroger. Thornton spent a total of eight years with these companies in various executive and financial roles, ultimately becoming Kroger's group VP of retail operations.

For nearly five years between 2006 and 2011, Thorton took a break from grocery retail and was CEO of Knowledge Universe, a private childhood education company.

"We are thrilled to welcome Felicia to our team at 99 Cents Only Stores, where we believe her strategic financial experience and proven track record of leading finance functions during transformational change at large, multi-site retail organizations will be valuable to us as we work to continue to grow the company," said Geoff Covert, president and CEO of 99 Cents Only Stores, who was recently appointed in September.

Covert also had prior experience at Kroger, where he worked for nearly 20 years and was most recently senior VP of retail divisions.

These CFO and CEO appointments come shortly after the former Walmart exec-VP of U.S. grocery division, Jack Sinclair, joined 99 Cents Only Stores as chief merchandising officer in July. Press Release