Burlington Stores Inc. Chief Executive Officer Thomas Kingsbury will step down on or about Sept. 16, 2019, after more than a decade at the helm.
Former CEO of Ross Stores Inc. Michael O’Sullivan will take his place. Kingsbury will remain executive chairman of the board of directors through a transition period.
“Under Tom’s leadership, Burlington has delivered outstanding operating results,” O’Sullivan said in a statement. “Looking forward, I continue to see additional potential for comparable store sales growth, expansion of the store fleet, and improvement in operating margins.”
According to Lead Independent Director John Mahoney, Burlington’s stock price has increased more than 800 percent since the company’s initial public offering in 2013.
Jennifer Vecchio, current chief merchandising officer, principal, has been appointed president, chief merchandising officer, effective immediately. She will continue to be responsible for merchandising and planning, as well as a new role of overseeing marketing and strategy.
Vecchio has 20 years merchandising experience, including four at Burlington Stores.
Herbert Mines, an executive search firm headquartered in New York, assisted the Burlington Stores with its external search process.