CITY OF COMMERCE, CA - Felicia Thornton, most recently Co-Chief Executive Officer, President, and Chief Operating Officer of the supermarket chain DSM, Inc., is now the new CFO and Treasurer of 99 Cents Only.
"I have been impressed by 99 Cents Only's commitment to delivering value to their customers and appreciate the opportunity to join this organization and find new ways to enhance value for all stakeholders," Thornton said, according to a press release. "I am committed to supporting the team in driving stronger financial performance as we continue to build 99 Cents Only into a leader in the extreme value sector."
Thornton brings a wealth of grocery and retail executive experience to her newest role. Before her time leading DSM, Thornton served as Chief Financial Officer for Albertsons, having overseen the company’s strategies for about five years, according to the release, and prior to that, she was responsible for Kroger’s retail operations as Group Vice President, among a variety of other positions.
"We are thrilled to welcome Felicia to our team at 99 Cents Only Stores, where we believe her strategic financial experience and proven track record of leading finance functions during transformational change at large, multi-site retail organizations will be valuable to us as we work to continue to grow the company," Geoff Covert, President and Chief Executive Officer of 99 Cents Only Stores, stated.
With this new appointment, which 99 Cents Only said was part of a broader Operating Advisor agreement with majority shareholder Ares Management, L.P., Thornton will be relieving Interim CFO Michael Fung. Fung will now return to his prior position as head of the Board’s Audit Committee while retaining his seat at the Board of Directors.
In her new role with 99 Cents Only, Thornton will oversee accounting, finance, and treasury, as well as risk management and IT functions for the company.
