99 Cents Only Stores has named Felicia Thornton as the retailer’s Chief Financial Officer and Treasurer, where she will be responsible for overseeing finance, accounting, treasury, risk management, legal and IT functions for the company.
According to the company, Thornton’s appointment is part of a broader Operating Advisor agreement with Ares Management, L.P., the company’s majority shareholder. Interim CFO Michael Fung will continue in his position as a member of the company’s Board of Directors and will return to his position as head of the Board’s Audit Committee.
Thornton has held a number of senior leadership positions at various companies including DSM, Inc., Albertsons and The Kroger Company. Most recently at DSM, Inc., she served as Co-Chief Executive Officer, President and Chief Operating Officer of the supermarket chain.
“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 Chief Executive Officer of 99 Cents Only Stores.