CITY OF COMMERCE, Calif. — 99 Cents Only Stores here said it has named Rick Anicetti as interim chief executive office and Michael Fung as interim chief administrative officer.
As a result, three founding members of the Gold/Schiffer family have left the company: Eric Schiffer, CEO; Jeff Gold, president and chief operating officer; and Howard Gold, executive vice president.
Anicetti, a member of the company's board for the past eight months, is the former president and CEO of Food Lion, Salisbury, N.C., a division of Delhaize Group. Fung was formerly senior vice president and chief financial officer for Wal-Mart Stores' U.S. operations.
Anicetti said he anticipates a smooth management transition. "We expect that business will continue as usual, and we are excited to get to work fulfilling the company's vision as one of the leading extreme-value retailers in the country."
Read more: Long-time Food Lion CEO Anicetti Leaves Delhaize
According to David Kaplan, chairman of the 99 Cents Only board and senior partner and founding member of Ares Management, which acquired the chain in late 2011, "The Gold/Schiffer family has been instrumental in creating this valuable business and establishing the widely admired culture at 99 Cents Only Stores. As a result, the company has flourished and is positioned today for continued growth and success."
The company operates 311 stores, including 227 in California, 39 in Texas, 29 in Arizona and 16 in Nevada.
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