Ollie’s Bargain Outlet Holdings, Inc. Announces Departure of Senior Vice President of Supply Chain

Rhea-AI Summary

Ollie’s Bargain Outlet Holdings (NASDAQ: OLLI) announced the departure of Senior Vice President of Supply Chain, Ray Daugherty, effective August 27. The company has initiated a search for a new Head of Supply Chain, with Executive Vice President Eric van der Valk temporarily overseeing the function. CEO John Swygert expressed gratitude for Daugherty’s contributions. Ollie’s operates 413 stores across 28 states, offering a wide range of merchandise at discounted prices, emphasizing their concept of Good Stuff Cheap.

Positive

• Strong operational presence with 413 stores across 28 states.
• Continued commitment to offering discounted brand-name merchandise.

Negative

• Leadership transition in the supply chain team may cause short-term disruptions.

News Market Reaction – OLLI

-8.13%

-8.13% Session move

In the trading session that priced this news, OLLI declined 8.13%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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HARRISBURG, Pa., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) announced today that Ray Daugherty, Senior Vice President of Supply Chain, will be leaving the Company effective August 27^th, to pursue other interests. The Company has commenced its search for a new Head of Supply Chain. Eric van der Valk, Executive Vice President and Chief Operating Officer, will lead this function until a replacement is named.

John Swygert, President and Chief Executive Officer, stated, "We appreciate Ray’s efforts and commitment to the success of the company and wish him the very best in his future endeavors."

About Ollie’s
We are a highly differentiated and fast growing, extreme value retailer of brand name merchandise at drastically reduced prices. We are known for our assortment of merchandise offered as Good Stuff Cheap®. We offer name brand products, Real Brands! Real Bargains!®, in every department, including housewares, food, books and stationery, bed and bath, floor coverings, toys, health and beauty aids and other categories. We currently operate 413 stores in 28 states throughout half of the United States. For more information, visit www.ollies.us.

Investor Contact:
Jean Fontana
ICR
646-277-1214
Jean.Fontana@icrinc.com

Media Contact:
Tom Kuypers
Senior Vice President – Marketing & Advertising
717-657-2300
tkuypers@ollies.us 

FAQ

Who is leaving Ollie’s Bargain Outlet and when?

Ray Daugherty, Senior Vice President of Supply Chain, will leave on August 27.

Who will oversee the supply chain at Ollie's after Daugherty's departure?

Eric van der Valk, Executive Vice President and COO, will lead the supply chain until a replacement is found.

What is the significance of Ray Daugherty's departure for Ollie's stock (OLLI)?

His departure may lead to short-term disruptions in supply chain management, potentially affecting operational efficiency.

How many stores does Ollie’s operate?

Ollie’s currently operates 413 stores across 28 states.

What is Ollie’s business model?

Ollie’s is known for offering brand name merchandise at drastically reduced prices under the tagline Good Stuff Cheap.