Ollie's appoints Eric van der Valk as CEO and John Swygert as Executive Chairman, completing its Leadership Succession Plan.
Quiver AI Summary
Ollie's Bargain Outlet Holdings, Inc. has announced the appointment of Eric van der Valk as President and CEO, effective February 2, 2025, as part of a leadership succession plan initiated in June 2024. Van der Valk has also joined the Board of Directors, increasing its number to ten members, while John Swygert transitions to Executive Chairman. Both leaders expressed gratitude for their teams and the potential for future growth, with Swygert praising Ollie's commitment to its foundational values. Rich Zannino, the lead independent director, emphasized Van der Valk's qualifications for the CEO role, highlighting his experience in closeout merchandise, and noted the board's appreciation for Swygert's more than 20 years of successful leadership.
Potential Positives
- Eric van der Valk has been appointed as the new President & Chief Executive Officer, marking a significant leadership transition that reflects the company's commitment to growth and strategic succession planning.
- The addition of Eric van der Valk to the Board of Directors increases the board's total members to ten, fostering a potentially stronger governance structure.
- The leadership transition is seen as a culmination of years of succession planning by the Board, which enhances shareholder confidence in the company's management continuity and future direction.
- Eric's extensive background in closeout, deep discount, and operational experience positions him well to lead Ollie's, suggesting a focus on sustainable long-term growth and effective execution moving forward.
Potential Negatives
- The press release highlights a leadership change, which may indicate instability or uncertainty within the company's management structure, potentially impacting investor confidence.
- The mention of a succession plan completion does not alleviate concerns over potential performance or strategic direction under new leadership, especially after a long tenure of the previous CEO.
- The increase in the number of board members from nine to ten could raise concerns about governance and decision-making efficiency, as larger boards can sometimes lead to more complexity in consensus-building.
FAQ
Who is the new CEO of Ollie’s Bargain Outlet?
Eric van der Valk has been appointed as the new President & CEO of Ollie’s Bargain Outlet effective February 2, 2025.
What leadership changes occurred at Ollie’s Bargain Outlet?
John Swygert has been appointed Executive Chairman, and Eric van der Valk joins the Board as President & CEO.
When was the leadership succession plan announced?
The leadership succession plan was previously announced in June 2024, culminating in the recent appointments.
How many directors are on the Ollie’s Board now?
The Board of Directors has increased from nine to ten members with the appointment of Eric van der Valk.
What does Ollie’s Bargain Outlet specialize in?
Ollie’s is the largest retailer of closeout merchandise in America, offering Real Brands and Real Bargain prices® on various products.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OLLI Congressional Stock Trading
Members of Congress have traded $OLLI stock 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $OLLI stock by members of Congress over the last 6 months:
- SENATOR MARKWAYNE MULLIN has traded it 2 times. They made 0 purchases and 2 sales worth up to $100,000 on 12/18.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$OLLI Insider Trading Activity
$OLLI insiders have traded $OLLI stock on the open market 24 times in the past 6 months. Of those trades, 0 have been purchases and 24 have been sales.
Here’s a breakdown of recent trading of $OLLI stock by insiders over the last 6 months:
- JOHN W SWYGERT (CEO) has made 0 purchases and 9 sales selling 65,550 shares for an estimated $7,096,413.
- KEVIN MCLAIN (SVP, Merchandising) has made 0 purchases and 6 sales selling 19,471 shares for an estimated $1,929,898.
- LARRY KRAUS (SVP, CIO) has made 0 purchases and 3 sales selling 10,646 shares for an estimated $1,230,464.
- DER VALK ERIC VAN (President) has made 0 purchases and 3 sales selling 7,479 shares for an estimated $750,267.
- THOMAS HENDRICKSON sold 6,250 shares for an estimated $717,125
- JAMES J COMITALE (SVP, General Counsel) sold 5,325 shares for an estimated $606,783
- ROBERT F HELM (EVP/CFO) sold 2,401 shares for an estimated $227,326
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$OLLI Hedge Fund Activity
We have seen 214 institutional investors add shares of $OLLI stock to their portfolio, and 204 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CONGRESS ASSET MANAGEMENT CO added 1,235,994 shares (+181.6%) to their portfolio in Q4 2024, for an estimated $135,625,621
- CITADEL ADVISORS LLC added 1,026,830 shares (+561.3%) to their portfolio in Q3 2024, for an estimated $99,807,876
- STEPHENS INVESTMENT MANAGEMENT GROUP LLC added 714,078 shares (+inf%) to their portfolio in Q4 2024, for an estimated $78,355,778
- HOOD RIVER CAPITAL MANAGEMENT LLC added 525,039 shares (+217.9%) to their portfolio in Q3 2024, for an estimated $51,033,790
- JUNTO CAPITAL MANAGEMENT LP added 501,147 shares (+131.0%) to their portfolio in Q3 2024, for an estimated $48,711,488
- HOLOCENE ADVISORS, LP added 466,818 shares (+10159.3%) to their portfolio in Q3 2024, for an estimated $45,374,709
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 464,594 shares (-38.8%) from their portfolio in Q3 2024, for an estimated $45,158,536
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HARRISBURG, Pa., Feb. 03, 2025 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today announced the appointment of Eric van der Valk to President & Chief Executive Officer, effective February 2, 2025. In connection with his appointment to CEO, Eric van der Valk has also been added to the Company’s Board of Directors, thereby increasing the total number of directors to ten from nine. In conjunction with this, John Swygert has been appointed to Executive Chairman of the Board. These transitions complete the Company’s Leadership Succession Plan, which was previously announced in June 2024.
Eric van der Valk commented, “I am honored to continue to serve our associates, customers, and business partners as the next CEO of Ollie’s. I appreciate John’s mentorship and the trust he and the Board have placed in me to lead the continued growth of our company. It’s truly a privilege to work with the most talented and committed team in this business. I look forward to delivering the thrill of shopping for GOOD STUFF CHEAP to millions of customers in the years to come.”
John Swygert commented, “It’s been an amazing 20 plus years, and I would like to thank each and every team member that has been part of our family. Ollie’s is a truly special company that was founded by passionate individuals who kept things simple and stayed true to their business model of selling Real Brands! Real Bargains! While extremely proud of what we have accomplished so far, I am even more excited about Ollie’s growth potential and competitive positioning going forward. Eric’s unique background and experience makes him the perfect candidate to lead Ollie’s as we remain committed to continue to grow our business and deliver strong returns to our shareholders.”
On behalf of Ollie’s Board, Rich Zannino, its lead independent director, said, “Today’s appointments are the culmination of years of work on succession planning by the Board. During Eric’s time at Ollie’s, he has led foundational changes that have not only driven execution and results but also positioned Ollie’s for sustainable long-term growth. His closeout, deep discount, merchandising and operational experience make him the ideal candidate to succeed John as President & CEO.”
Mr. Zannino continued, “On behalf of the Board and all Ollie’s shareholders, I would like to thank John for his leadership over an incredible 20 plus year career where Ollie’s delivered nearly unparalleled profitable growth in the retail industry. The Board is excited to continue working closely with John and Eric as they assume their new roles.”
About Ollie’s
We are America’s largest retailer of closeout merchandise and excess inventory, offering Real Brands and Real Bargain prices®! We offer extreme value on brand name products in a variety of departments, including housewares, food, books and stationery, bed and bath, floor coverings, toys, health and beauty aids, and more. We currently operate 562 stores in 31 states and growing! For more information, visit
www.ollies.com
.
Investor Contact:
John Rouleau
[email protected]
Media Contact:
Tom Kuypers
Senior Vice President – Marketing & Advertising
717-657-2300
[email protected]