CITY OF COMMERCE, Calif. — Former Shoppers Drug Mart chief financial officer Brad Lukow has been appointed in the same role at 99¢ Only Stores.
The extreme value retailer said Monday that as CFO of 99¢ Only Stores, Lukow will be responsible for overseeing finance, accounting and treasury. Chris Laurence, who has served as interim CFO since May, will remain with the company to provide oversight of key strategic initiatives and facilitate the transition.
"99¢ Only is a remarkable company, one with a significant growth story and dynamic corporate culture, and I am excited to become a member of this organization," Lukow said in a statement. "I appreciate this opportunity and look forward to applying my financial and retail experience as we implement our growth plans."
Lukow brings to 99¢ Only Stores 24 years of financial experience in the retail industry, including a 20-year career at Shoppers Drug Mart, Canada’s largest drug chain. Most recently, he served as executive vice president and CFO at the chain, a position he held since 2009.
99¢ Only Stores noted that Lukow was a key member of the management team as the company grew its store network to 1,253 Shoppers Drug Mart/Pharmaprix stores across Canada. He also served as the finance lead in the initial public offering of Shoppers Drug Mart Corp. in 2001 and the sale of the company in 2013 to Loblaw Companies Ltd., Canada’s largest food retailer.
Before joining Shoppers Drug Mart, Lukow served in various roles at Loblaw, including financial reporting, budgeting and planning, taxation and internal audit from 1990 to 1994.
"Brad’s extensive financial and retail expertise and his experience in helping to grow retail businesses will be a great addition to the leadership team at 99¢ Only," stated Stéphane Gonthier, chief executive officer of 99¢ Only Stores. "We look forward to having Brad on the team as we continue to execute on our strategic growth plans for 99¢ Only."
99¢ Only Stores operates 369 extreme value retail stores in California, Texas, Arizona and Nevada, offering a wide assortment of name-brand and other competitively-priced merchandise and seasonal product offerings.
