Burlington Stores has revealed a leadership succession plan to guide the company’s continued growth.
Thomas Kingsbury, chairman, president and CEO, will step down as CEO on or about September 16, 2019, after more than 10 years in that role. 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, will join the company on or about September 16, 2019 as CEO. 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 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 Burlington in its next phase of growth.”
O’Sullivan stated, “Under Tom’s leadership, Burlington has delivered outstanding operating results. Looking forward, I continue to see additional potential for comparable store sales growth, expansion of the store fleet, and improvement in operating margins. I am honored to be appointed CEO of Burlington and look forward to working alongside the leadership team during such an exciting and promising time.”