99 Cents Only stores names new president and CEO
CITY OF COMMERCE, Calif. — 99 Cents Only stores announced on Monday Stéphane Gonthier as the company's new president and CEO. Gonthier is leaving Dollarama, where he was COO since September 2007.
Gonthier’s appointment is expected to become effective in the next 60 days. Interim CEO Richard Anicetti, a successful food retailing executive, will return to his role solely as a member of the board.
“The growth of 99 Cents Only stores has been outstanding for the past several quarters and we are excited to bring on Stéphane as our president and CEO to help us capitalize on our recent accomplishments and guide the company toward long-term success as a leader in the extreme-value category,” said David Kaplan, chairman of the board and senior partner of Ares Management.
Gonthier has more than 15 years of experience in value-oriented retail, most recently at Dollarama, a leading dollar store chain that operates more than 800 stores across Canada. Prior to that, he served in various executive positions with Alimentation Couche-Tard, a global convenience store chain best known as the operator of the Circle K stores in the United States from 1998 until 2007. His final position at that company was as SVP of Eastern North America, where he was responsible for four divisions consisting of approximately 2,600 convenience stores in Canada and the United States.
"During his six-year tenure, Stéphane has been an important member of the team that has led the growth and success of Dollarama,” said Larry Rossy, chairman and CEO of Dollarama. “We thank him for his tremendous contribution and exceptional leadership and wish him the very best in his new position. Stéphane has helped develop a very strong and talented management team throughout the years, a team that has played an active role in developing our growth strategy and business model, and we will continue to build on this solid foundation."
"My time at Dollarama has been a great experience and I am proud of what we have all accomplished together. The decision to leave was a difficult one but I am confident that Dollarama is well-positioned for the future, with the right people and resources in place to continue to deliver on its strategic plan," Gonthier added. "I would like to thank Larry and the board of directors, as well as Dollarama's management, and employees for an incredible journey."
Gonthier will continue in his role for an interim period to ensure a smooth and orderly transition before moving to the United States with his family. An executive search will begin immediately under the direction of the board of directors of Dollarama. After Gonthier's departure and until a successor is appointed, Rossy will assume the duties and responsibilities of the COO in collaboration with other members of the senior management team.
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