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Ollie’s Bargain CEO John Swygert leaves post

  • After about four and a half years in the position
  • Praise for Swygert
  • Eric van der Valk taking over
  • Swygert will remain as Executive Chairman at Ollie’s Bargain
  • Swygert spoke at length and said 171 words

(exechange) — Harrisburg, Pennsylvania, June 5, 2024 — John Swygert, chief executive of Ollie’s Bargain, leaves his position. As announced by Ollie’s Bargain Outlet Holdings Inc. in a news release and in a regulatory filing published on Wednesday, June 5, 2024, John Swygert leaves his post as chief executive officer at the retailer of closeout merchandise and excess inventory, after about four and a half years in the role, effective in early 2025.

John Swygert’s duties as CEO will be taken over by Eric van der Valk, currently Chief Operating Officer at Ollie’s Bargain Outlet Holdings Inc.

Swygert will remain as Executive Chairman at Ollie’s Bargain

Ollie’s Bargain stated: “Ollie’s Bargain Outlet Holdings, Inc. … today announced a number of executive promotions, appointments, and anticipated changes as part of the Company’s succession plan, including:

  • The transition of John Swygert to Executive Chairman in early 2025
  • The promotion of Eric van der Valk to the role of President, effective immediately, and to Chief Executive Officer in early 2025
  • The promotion of Robert Helm to Executive Vice President, effective immediately
  • The hiring and appointment of Chris Zender as Executive Vice President and Chief Operating Officer, effective June 17, 2024.”
“Rigorous succession planning process”

The planned management change is explained as follows. Richard Zannino, lead independent director, stated: “The announced changes are the culmination of John’s interest in transitioning to the Executive Chairman role and a rigorous succession planning process conducted by the board.”

Share price decline since June 2021

The announcement follows a decline in Ollie’s Bargain Outlet Holdings Inc.’s share price of 6% since June 2021.

In the position of CEO since 2019

John Swygert became CEO of the Company in 2019.

John Swygert has been the Company’s President and Chief Executive Officer since December 2019.

Prior to this appointment, Swygert was the Company’s Executive Vice President and Chief Operating Officer since January 2018.

Swygert joined Ollie’s in March 2004 as the Company’s Chief Financial Officer and was later promoted to Executive Vice President and Chief Financial Officer in 2011.

Swygert has worked in discount retail for over 30 years.

Prior to joining Ollie’s, Swygert was Executive Vice President and Chief Financial Officer at Factory 2-U Stores, Inc.

Prior to this, Swygert held several positions of increasing authority at Factory 2-U Stores, Inc. from 1992, including Staff Accountant, Assistant Controller, Controller, Director of Financial Planning and Analysis, and Vice President of Finance and Planning.

Swygert also previously worked for PETCO Animal Supplies, Inc. in Business Development and Financial Analysis.

Swygert served on the Board of Directors of Truck Hero Holdings, Inc., a privately held company, from 2018 through January 2021.

Since July 2021, Swygert has served on the Board of Directors and the Audit Committee of Hillman Solutions Corp. (Nasdaq: HLMN).

171 words by John Swygert

In the release announcing his departure as CEO of Ollie’s Bargain Outlet Holdings Inc., John Swygert received praise.

In the release announcing his departure as CEO, John Swygert spoke at length and said 171 words.

“Continue to build on Ollie’s success”

John Swygert stated: “I could not be more proud of everything we have accomplished during my time at Ollie’s. Everyone loves a bargain, and our continued growth and success validates the portability, predictability, and profitability of our model. We have built a very strong team of executives and merchants that are delivering the very best deals for our customers, driving consistent execution in our stores, and producing strong financial results for our shareholders. Eric has more than demonstrated his ability to be our next CEO. Rob Helm has been an incredible addition to the Ollie’s team and his promotion to EVP and expanded role is well-deserved. We are also excited with the addition of Chris Zender to the team and welcome him to the Ollie’s family. We are executing on all levels and our future has never been brighter. I look forward to fully supporting Eric, Rob, Chris, and the entire Ollie’s team as we transition into our new roles and continue to build on Ollie’s success of delivering great deals to our customers.”

The above text is an excerpt from the exechange report 24.2024 ($), publication date June 10, 2024.