Thomas Kingsbury has resigned as senior executive vice president of Kohl’s Corp. to join Burlington Coat Factory as president and chief executive officer.
He succeeds Mark Nesci, who is retiring after 37 years with the off-price retailer. He became ceo in 2006 after Burlington was acquired for $2.1 billion and taken private by Bain Capital. Nesci will remain an equity investor in the company and serve as a senior adviser to its board.
Kingsbury, who also will serve as a Burlington director, joined Kohl’s in 2006 and was most recently responsible for marketing, business development, e-commerce and information technology. A call to Kohl’s seeking information about plans for succession wasn’t returned.
Prior to joining Kohl’s, Kingsbury was with May Department Stores Co. and spent seven years as president and ceo of Filene’s-Kaufmann’s, its largest division. Kingsbury’s departure for Kohl’s followed May’s acquisition by Federated Department Stores Inc., now Macy’s Inc.
Nesci described Kingsbury as “a strong believer in the off-price business model, and he is truly energized by the opportunities he sees for our company.”
In a regulatory filing with the Securities and Exchange Commission, Burlington said Kingsbury will receive a minimum annual base salary of $850,000 and will be eligible to participate in its senior management bonus plan. He’ll also receive a one-time payment of $300,000 to cover expenses incurred as a result of his relocation to the area of Burlington, N.J., where Burlington has its headquarters.
Burlington Coat operates 427 stores in 44 states and Puerto Rico.