HARRISBURG, Pa. - Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: NASDAQ:OLLI) has announced a series of executive transitions and promotions as part of its succession planning. John Swygert will move to the role of Executive Chairman in early 2025, while Eric van der Valk, currently Executive Vice President and Chief Operating Officer, has been promoted to President effective immediately and is set to become CEO in early 2025.
Robert Helm has been promoted to Executive Vice President, taking on additional responsibilities for Real Estate and, eventually, Information Technology. Chris Zender is appointed as Executive Vice President and Chief Operating Officer, joining the team on June 17, 2024.
These changes come as Ollie's continues to build on its growth, with Swygert having led the company from a 28-store chain to a major closeout retailer with over $2 billion in annual revenues and 518 stores across 30 states. The board expressed confidence that these executive moves will ensure a smooth transition and continued success for the company.
In his new role, van der Valk will gain direct oversight of marketing, building on his work since joining Ollie's in 2021, where he has driven significant improvements in execution and efficiencies. Helm, who joined Ollie's in 2022, has been recognized for his financial expertise and leadership contributions.
Zender brings over three decades of operational and leadership experience from his previous roles, including his most recent position as President and COO of Variety Wholesalers.
Moreover, Ollie's reported its first-quarter financial results for fiscal 2024 and will discuss these in an earnings conference call. The company, known for its closeout merchandise and excess inventory, operates 518 stores in the U.S. and emphasizes its commitment to offering value on brand name products.
The information is based on a press release statement from Ollie's Bargain Outlet Holdings, Inc.
In other recent news, Ollie’s Bargain Outlet Holdings has acquired 11 store locations previously owned by 99 Cents Only Stores, a move that aligns with the company's expansion plan. This development follows the company's robust Q4 performance that led to Craig-Hallum maintaining a Buy rating on Ollie's stock and raising its price target to $100 from $98.
Truist Securities also adjusted its price target for Ollie's, increasing it to $80 from the previous $78, while maintaining a Hold rating on the stock.
On the analyst front, BofA Securities resumed coverage of Ollie's, assigning the stock a Buy rating, and Truist Securities upgraded Ollie's stock from Hold to Buy, citing a shift towards a more stable growth pattern. Ollie's Bargain Outlet's recent activities and performance have attracted the attention of these financial institutions, with their analysis suggesting a positive outlook for the company.
These are recent developments that reflect the company's strategic moves and financial performance. The focus remains on the company's growth trajectory and operational transition for the newly acquired stores, as well as its strong financial performance.
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