One to watch: more exec changes at 99 Cents Only

An ongoing senior leadership transformation at 99 Cents Only stores has put a former Kmart executive in the role of interim CEO and now the company has named a former Walmart executive as interim CFO for the second time.

Less than a month after Andy Giancamilli was named interim president and CEO, 99 Cents only named Michael Fung to the role of CFO. Both men served on the company’s board of directors with Giancamilli in the role as chairman.

Fung previously filled the interim CFO role from January to September 2013 and he joined the 99 Cents Only board in December 2013. He fills a position vacated by Bradley Lukow who resigned as CFO of the $1.9 billion company. Fung is highly qualified for top finance role at the operator of 384 stores in four states having spent a decade in senior finance roles at Walmart, including serving as CFO of Walmart’s U.S. operations from 2006 until 2012.

Prior to that Fung served as CFO at Sensient Technologies, Vanstar and Bass Pro Shops. The resignation of Lukow and Fung’s second stint as interim CFO follows the May 26 resignation of Stephane Gonthier from his position as CEO and the appointment of Giancamilli as interim CEO.

At the time, 99 Cents Only indicated in a press release that Gonthier’s resignation after less than two years as the company’s top executive did not involve a disagreement with the company or any matters relating to operations, policies or practices.

Gonthier joined 99 Cents Only in August 2013 after spending six years at Dollarama as president of Canada’s leading dollar store chain. Gonthier entered into an agreement with 99 Cents Only to serve as a consultant to the company for one year.

Giancamilli also has an agreement concerning his interim role with an initial term of 180 days with automatic 30 day renewals until such times as the company hires a permanent CEO or Giancamelli or the company decides not to extend the agreement. Giancamilli has spent the past three years on the 99 Cents Only board and is a veteran retailer well known in the industry. He spent eight years as president and CEO of leading Canadian drug store operation the Katz Group.

Prior to that he was with Canadian Tire Corporation and also served as president and COO of Kmart. He also held senior leadership positions at the now defunct Perry Drug Stores chain.