After a monthslong search for a new president and chief executive, the Fresh Market Inc. has turned to a retail veteran to provide leadership at a time when the company's growth has been stagnant.
Stéphane Gonthier, chief operating officer at Dollarama since September 2007, will be leaving the company to become president and CEO of 99 Cents Only Stores, as well as a member of its board.
Longtime financial executive and former Walmart U.S. CFO Michael Fung is helping discounter 99 Cents Only modernize inventory systems that have resulted in a series of accounting issues.
For the second time in the past six years, 99 Cent’s Only said it was unable to file its annual report within the timeframe specified by the Securities and Exchange Commission.
Former Food Lion CEO, and current board member for 99 Cents Only Stores, Richard Anicetti, is assuming the role of interim CEO for the discount retailer.