Thursday, Ollie’s Bargain Outlet announced a plan for the next CEO that will change the company’s top leadership.
John Swygert, who has been CEO since 2019, will become executive chairman early next year, the Harrisburg, Pennsylvania-based discount store said.
For immediate effect, Eric van der Valk was made president. In early 2025, he will take over as CEO from Swygert.
Additionally, Robert Helm was made executive vice president right away, and on June 17, Chris Zender was hired as executive vice president and chief operating officer.
After working for Ollie’s for more than 20 years, Swygert is credited with helping the company grow from 28 stores making $100 million a year to 518 stores in 30 states making over $2 billion a year.
Ollie’s lead independent director, Richard Zannino, said, “The announced changes are the result of John’s desire to become executive chairman and a thorough succession planning process conducted by the board.”.
Vander Valk became the chief operating officer at Ollie’s in 2021.
Ollie’s announces its succession plan as sales rise more than 10% in the first quarter and rise by 3% in comparable stores. Retailer raised its sales and profit forecast for the whole year.
