Big Lots Announces CEO Planned Retirement And Transition Plan For The Coming
COLUMBUS, Ohio, Dec. 4, 2012
COLUMBUS, Ohio, Dec. 4, 2012 /PRNewswire/ --Big Lots, Inc. (NYSE: BIG) today
announced that Steven S. Fishman informed the Company of his desire to retire
from his role as Chairman, CEO and President. As part of an orderly leadership
transition, Mr. Fishman will continue to serve in his current roles until his
successor is appointed. The Board has retained Korn/Ferry International to
conduct a search, both internally and externally, for CEO candidates to
succeed Mr. Fishman.
"In his role as CEO, Steve provided Big Lots with outstanding leadership and
financial results during his tenure," said Philip E. Mallott, a 9-year member
of the Company's Board of Directors and Chairman of the Board's Audit
Committee. "After nearly 40 years in retail, the Board of Directors
understands and supports his desire to shift his focus and put his family
first. We are pleased he has agreed to play a continuing role with the
Company during the transition and provide his continued services and expertise
to the Company in a consulting capacity following his retirement."
Since assuming the CEO role, Mr. Fishman and his team enjoyed tremendous
oRecord levels of sales and productivity per selling square foot
oGrowing U.S. operating profit to $358 million in fiscal 2011, compared to
$27 million in fiscal 2005
oGrowing U.S. income from continuing operations to $220 million in fiscal
2011 from $21 million in fiscal 2005
oGenerating $2.2 billion of U.S. operating cash flow
oReturning $1.9 billion of cash to shareholders in the form of share
oImproving inventory turnover by 20% since fiscal 2005
oInternational Expansion into Canada
"This is an important time for my family and me," Mr. Fishman stated. "We're
excited about embarking on this new chapter in our lives and I'm looking
forward to continuing with Big Lots in my new role. I'd like to thank the Big
Lots associates for their support, dedication, and hard work as we continue
together on the journey toward our goals."
SOURCE Big Lots, Inc.
Contact: Andrew D. Regrut, Director, Investor Relations, +1-614-278-6622
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