- Push-out Score determined
- After almost 11 years in the position
- Accolades, praise and thanks for Kingsbury
- Michael O’Sullivan taking over
- Kingsbury will remain as Executive Chairman at Burlington Stores
- Kingsbury spoke at length and said 152 words
(exechange) — Burlington, New Jersey, April 23, 2019 — Tom Kingsbury, chief executive of Burlington Stores, leaves his post. His departure is made public at an early stage. As announced by Burlington Stores Inc. in a news release and in a regulatory filing published on Tuesday, April 23, 2019, Thomas A. (Tom) Kingsbury leaves his post as chief executive officer at the off-price department store retailer after almost 11 years in the role, effective on or about September 16, 2019.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.6 years, according to data compiled by exechange. Only 28 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Tom Kingsbury’s duties will be taken over by Michael O’Sullivan, most recently president and chief operating officer of Ross Stores, Inc.
The fact that Tom Kingsbury’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
Tom Kingsbury’s move is part of a management shake-up also involving the position of president, chief merchandising officer.
“To guide the Company’s continued growth and success”
A reason for Tom Kingsbury’s departure from the CEO post was not explicitly provided. Burlington Stores said: “Burlington Stores, Inc. … today announced a leadership succession plan to guide the Company’s continued growth and success.”
Kingsbury will remain as Executive Chairman at Burlington Stores
“Mr. Kingsbury will continue to support the Company as Executive Chairman of the Board of Directors during a transition period,” Burlington Stores said.
Share price decline
The announcement follows a decline in Burlington Stores, Inc.’s share price of 9 percent since February 2019.
In the position of CEO since 2008
Kingsbury has served as the Company’s President and CEO, and on the Company’s Board of Directors, since December 2008.
Kingsbury was appointed Chairman of the Board in May 2014.
Prior to joining the Company, Kingsbury was Senior Executive Vice President—Information Services, E-Commerce, Marketing and Business Development of Kohl’s Corporation from August 2006 to December 2008.
Prior to joining Kohl’s, Kingsbury held various management positions with The May Department Stores Company, an operator of department store chains, commencing in 1976 and as President and Chief Executive Officer of the Filene’s division commencing in February 2000.
Kingsbury currently serves as a member of the board of directors of Tractor Supply Company.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Burlington Stores and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 17.2019 ($).