LOS ANGELES, Aug. 21, 2018 /PRNewswire/ -- 99 Cents Only Stores LLC (the "Company"), announced today that Ashok (Ash) Walia has been appointed Chief Financial Officer, where he will be responsible for overseeing finance, accounting, treasury, marketing and IT functions for the Company. Mr. Walia's expected commencement date is August 27, 2018. He will succeed Felicia Thornton, who will continue in her position as Vice Chair of the Board of Directors of Number Holdings, Inc., the Company's direct parent.
Mr. Walia brings a wealth of financial leadership, retail and supply chain expertise to his new role at 99 Cents Only Stores. Most recently, he served as Senior Vice President of Corporate Finance at Starbucks Corporation, where he was responsible for leading corporate finance with a focus on controllership, treasury, post M&A integration, global tax and customs as well as U.S. facilities management. In this capacity, Mr. Walia had oversight of capital spend on a company-wide basis from a financial planning and analysis perspective. Prior to that, he was Starbucks' Senior Vice President of Global Integrated Logistics/Supply Chain Business Operations. In this role, Mr. Walia was responsible for enterprise-wide supply chain logistical operations and finance and accounting. Prior to his roles at Starbucks, Mr. Walia held positions of increasing responsibility at the Kellogg Company culminating as Global Vice President, Finance, where he had financial oversight for manufacturing, logistics, direct store delivery and capital management operations at various manufacturing facilities. Mr. Walia holds a Bachelors of Commerce degree from the University of Delhi, New Delhi.
"I am delighted to welcome Ash as our new CFO," said Jack Sinclair, Chief Executive Officer of 99 Cents Only Stores. "Ash has decades of highly relevant experience at prominent multinational consumer companies, where his expertise in finance, operations, logistics and supply chain management contributed to significant improvements to operational efficiencies and bottom-line profitability. We believe he will be an excellent fit and is ideally suited to lead the finance, IT and Marketing teams at 99 Cents Only Stores as we execute our operational, financial and strategic objectives."
Mr. Walia commented, "99 Cents Only Stores is one of the most differentiated names in deep-discount retail and I couldn't be more excited to serve as the Company's new CFO. The talented team at 99 Cents Only Stores has created a solid foundation and I look forward to building on the strong operating momentum and helping the Company achieve the next level of growth and profitability."
Mr. Sinclair concluded, "I am extremely grateful for the contributions that Felicia Thornton has made to the Company while serving as our CFO and Treasurer during the past three years. She has been an invaluable partner and highly effective leader during a critical period for the Company. I am pleased that the senior leadership team and I will continue to draw on her wisdom and expertise as she remains in her role with the Company as Vice Chair of the Board."
Arete Shen will succeed Ms. Thornton as Treasurer of the Company and Number Holdings, Inc., and continue to serve in her current capacity as Controller for the Company. Ms. Shen joined the Company as Controller in 2016.
About 99 Cents Only Stores LLC Founded in 1982, 99 Cents Only Stores LLC is the leading operator of extreme value stores in California and the Southwestern United States. The Company currently operates 388 stores located in California, Texas, Arizona and Nevada. 99 Cents Only Stores LLC offers a broad assortment of name brand and other attractively priced merchandise and compelling seasonal product offerings. For more information, visit www.99only.com.