Inside This Issue - News
Chief exec at Big Lots set to retire
December 10th, 2012
COLUMBUS, Ohio – Big Lots Inc. is searching for a successor to chairman, president and chief executive officer Steve Fishman, who has announced plans to retire after more than seven years at the company’s helm.
Big Lots’ board has retained Korn/Ferry International to conduct a search, both internally and externally, for CEO candidates. Fishman intends to remain in his current positions until a suitable successor is found.
"In his role as CEO, Steve provided Big Lots with outstanding leadership and financial results during his tenure," said Philip Mallott, who serves on the company’s board and is chairman of its audit committee. "After [Fishman’s] nearly 40 years in retail, the board of directors understands and supports his desire to shift his focus and put his family first. We are pleased he has agreed to play a continuing role with the company during the transition, and provide his continued services and expertise to the company in a consulting capacity following his retirement."
Fishman joined Big Lots in 2005; he previously spent six years as chairman and CEO of Pamida Inc. Under Fishman’s leadership, Big Lots has expanded into Canada, improved inventory turnover by 20%, grown U.S. income from continuing operations from $21 million in fiscal 2005 to $220 million in fiscal 2011, and increased U.S. operating profit from $27 million in fiscal 2005 to $358 million in fiscal 2011.
Big Lots has reported a loss from continuing operations of $6 million for the third quarter of fiscal 2012. Year to date, income from continuing operations totaled $56.9 million. Big Lots added 27 new stores in the quarter.