Thomas A. Kingsbury to Step Down as CEO of Burlington Stores, Inc
June 17, 2019 at 06:46 am EDT
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Burlington Stores, Inc. announced that Thomas A. Kingsbury will step down as Chief Executive Officer of Burlington Stores, Inc., effective as of the date on which the company’s new Chief Executive Officer, Michael O’Sullivan, commences employment with the company. Upon stepping down as Chief Executive Officer, Mr. Kingsbury will assume the role of Executive Chairman of the company’s Board of Directors. Mr. Kingsbury's employment as Executive Chairman will continue until February 1, 2020 unless terminated earlier by the Company or Mr. Kingsbury. During the Term, Mr. Kingsbury will provide transition and other related services to the company to transition his executive responsibilities to Mr. O'Sullivan and will perform such other duties normally assigned to an Executive Chairman of a publicly-traded corporation. Under the terms of the Chairman Agreement, at the expiration of the Term, Mr. Kingsbury will be deemed to have resigned from all positions with the Company, including as a member of the Board, unless otherwise agreed to by the parties.
Burlington Stores, Inc. is an off-price retailer of branded apparel, footwear, accessories, and merchandise for the home at everyday low prices. The Companyâs stores offer an extensive selection of in-season, fashion-focused merchandise, including womenâs ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts, and coats. It has five distribution centers. Its two east coast distribution centers are located in Edgewater Park, New Jersey and Burlington, New Jersey. Its three west coast distribution centers are located in San Bernardino, California, Redlands, California, and Riverside, California. These five distribution centers occupy an aggregate of about 4,106,000 square feet, and each includes processing, shipping, and storage capabilities. In addition to the distribution centers, it has arrangements with third parties for the use of pool point facilities. It operates about 1007 stores, principally under the name Burlington Stores.