Ollie’s Transitions to New Leadership
Eric van der Valk has officially stepped into his new role as CEO of Ollie’s Bargain Outlet Holdings Inc. In conjunction with this, previous CEO John Swygert has now transitioned to executive chairman of the board. These executive moves complete the company’s Leadership Succession Plan, which was revealed in June 2024.
Van der Valk joined Ollie’s in 2021 as EVP and COO and has led transformational changes across the company’s supply chain, store operations and store design that the company said have resulted in improved execution and operating efficiencies. Prior to joining Ollie’s, he was president and COO of Middleborough, Mass.-based Christmas Tree Shops, a discount retailer specializing in seasonal, home décor, consumables and closeouts.
In addition to being Ollie's CEO, van der Valk has taken on the role of president and has been added to the company’s board of directors, thereby increasing the total number of directors to 10 from nine.
“I am honored to continue to serve our associates, customers and business partners as the next CEO of Ollie’s," noted Eric van der Valk. "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.”
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 and CEO.”
“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," added John Swygert. "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 make 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.”
Ollie’s reported a 7.8% increase in revenue for its third quarter as it continues to expand its store count with the help of former Big Lots locations. Net income rose 8% to $35.9 million, or 58 cents per share, for the quarter ended Nov. 2, compared with net income of $31.8 million, or 51 cents per share, in the year-ago quarter. Operating income rose 14.0% to $44.5 million.
The Harrisburg, Pa.-based extreme discounter is America's largest retailer of closeout merchandise and excess inventory. Ollie's offers brand-name products in a variety of departments, including housewares, food, stationery, and health and beauty aids. It currently operates more than 550 stores in 31 states.
