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Posted in 2012 contender | 0 comments

Big Lots: Steven Fishman (CEO)

Why this is a big quit:

Steven Fishman was Big Lots CEO for nearly 8 years. Big Lots made a tremendous effort in that time to become a consistently profitable company. However, Mr. Fishman’s departure means Big Lots is losing its big guy without an immediate successor to replace him. Another reason this is a big quit is that Big Lots has received Wall Street attention earlier this year because Mr. Fisher sold 10 million stocks in March yet he reported the sales of the company have slowed in April during the first-quarter sales report. Investors sued Big Lots for providing misleading information and the SEC has been probing Mr. Fishman.

Why it’s not as big as our Top 10:

The true reason of Mr. Fishman’s departure remains a mystery. On the one hand, He claimed to resign and retire to spend more time with the family. On the other hand, the company suggested that Mr. Fishman is following the three-year retention plan which expires in January 2013. There is also speculation pointing out that Mr. Fishman’s resignation is suspiciously coincidental to the SEC’s investigation in the 10 million stocks that he sold in March.  The ambiguity and a potentially ugly story behind Mr. Fishman’s resignation made him a contender instead of the Top 10.