99 Cents Only Names New CEO

Former Walmart executive Jack Sinclair has been named CEO of 99 Cents Only Stores, succeeding Geoffrey Covert, who is retiring.

Jack Sinclair

The City of Commerce, Calif.-based discounter also said that Jason Kidd would ascend to the role of president and COO. Kidd has served as the company’s SVP of store operations since 2014 and also has Walmart roots, serving formerly as an SVP of operations with its Sam’s Club division.

Sinclair formerly headed up Walmart’s U.S. grocery operations. He joined 99 Cents Only in 2015 as chief marketing and merchandising officer.

“99 Cents Only Stores is one of the most iconic and unique brands in retail today,” Sinclair said in a statement. “I am privileged to serve with a team that has laid a solid foundation for success and that delivers unparalleled value and a unique customer experience. We look forward to continued growth, welcoming new customers to our existing stores and introducing our stores to new communities. We have ambitious goals and our growth trajectory is just beginning.”

Sinclair has led significant retail businesses in the United States and in his native U.K. in his 35-year retail career. He led the grocery business of Walmart US from 2007 to 2015, having previously spent 14 years at Safeway in London, where he had responsibility for operations, merchandising and marketing. At 99 Cents, Sinclair refocused the merchandise team on its core mission of providing exceptional value with brands, closeouts, fresh produce and seasonal offerings. 

“Jack is deeply committed to 99 Cents Only Stores and has been a tremendous advocate for our associates, customers and communities," Covert said. “I am confident that we have put the company on a path to success and continued profitable growth.”

Covert’s retirement caps a 44-year career in the grocery retail sector. He had served 99 Cents Only in that role since September of 2015 and, according to the company, helped improve operating momentum that was instrumental in facilitating the three-year extension of the company's capital structure, announced late last year.

In other changes, Norman Axelrod, a director since 2012, has been named chairman of the board, succeeding Andrew Giancamilli, who will continue to serve as a director. Felicia Thornton has been named vice chair of the board and will continue to serve in her current capacity as CFO.

The company also announced preliminary financial results indicting comparable-store sales growth of 6% to 7% in the fourth quarter ending Feb. 2.