99 Cents Only – Stan Tashman & Associates, Inc.

In another indication of its growth aspirations, 99 Cents Only named a former high ranking Kroger executive president and CEO just months after the retailer tapped former Walmart executives to fill the head merchant and CFO roles at the 389-store retailer.

Former Kroger and Procter & Gamble executive Geoffrey Covert, 64, was named president and CEO at 99 Cents Only on Sept. 11, filling a position that had been held on an interim basis the past four months by board chairman Andrew Giancamilli. The day prior to 99 Cent’s Only announcement, Kroger announced a series of personnel moves including the departure of Covert who was stepping down from his role as senior vice president of retail operations after 20 years with the company. Covert had spent 22 years at Procter & Gamble prior to joining Kroger in 1996. In a statement, Kroger Chairiman and CEO Rodney McMullen wished, “him and his family the very best in retirement.”

Less than 24 hours later, in a statement by 99 Cents Only Covert said he was excited to be joining a growing and transforming business.

“I was attracted to 99 Cents Only Stores’ strong fundamental business strategy, longstanding brand loyalty among customers, and its long-term growth potential in the extreme value sector,” Covert said.

Source- Retailing Today

Growth prospects for the food and consumables business at 99 Cents Only just improved considerably following the appointment of a former Walmart EVP of merchandising to a key role.

Jack Sinclair was named chief merchandising officer at 99 Cents Only in a move that signals the retailer’s growth aspirations. Sinclair left Walmart earlier this year as part of larger senior leadership change but not until after he had spent seven years leading Walmart’s U.S. grocery business as executive vice president of merchandising. Prior to Walmart, Sinclair spent 14 years at U.K.-based Safeway holding a variety of merchandising, marketing and operations roles.

“Jack’s significant experience in retail merchandising will be an asset to 99 Cents Only Stores as we continue to improve the execution of our core business plan that emphasizes a strong mix of seasonal, grocery, and close-out products,” Giancamilli said. “His deep knowledge of the grocery and fresh food category will be particularly valuable, given the importance of these categories to our customers and for driving traffic in our stores.”

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