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CITY OF COMMERCE, Calif. — Former Katz Group head Andy Giancamilli has been named interim president and chief executive officer of 99 Cents Only Stores.
Giancamilli, who was appointed chairman of the chain in April, replaced Stéphane Gonthier, who resigned.
“In my role on the board over the past three years, and more recently as chairman, I have gained a deep understanding of the drivers of the 99 Cents Only business and its distinctive and passionate corporate culture,” said Giancamilli. “I look forward to working with the members of the senior management team and the board to ensure a smooth transition. Our plan during this time is to continue business as usual while we work to execute on the company’s growth strategies as one of the leading extreme value retailers in the country.”
The chain is well positioned, he said, thanks to the “treasure hunt” shopping experience it offers its core customers — middle-age women. Shoppers can find especially striking values for fresh produce, he said, citing such deals as two avocados or a midsize watermelon for 99 cents.
While the chain plans to enter new markets in the long term, Giancamilli said it will concentrate for now on filling in its operating areas in California, Arizona, Texas and Nevada.
Giancamilli has more than 30 years of retail leadership experience. He served for more than eight years as president and CEO of Katz Group. Prior to that, he was with Canadian Tire Corp., a retail conglomerate and was also president and chief operating officer of Kmart Corp. He also held senior leadership positions at Perry Drug Stores, where he began his career in 1975.
“We would like to thank Stéphane for his service,” said David Kaplan, cofounder and senior partner of Ares Management, the Los Angeles private equity firm that, along with the Canada Pension Plan Investment Board, bought 99 Cents Only in 2012. “He has been instrumental in leading 99 Cents Only Stores through a transformative period of dynamic change.”
The board “is looking forward to having Andy on the team with our dedicated ‘99ers’ as we continue to expand our unique brand of extreme value,” Kaplan added.
