Burlington Stores is one of the most successful off-price retailers in the United States. The company's performance has been attributed to a number of factors, including the expertise and guidance of its board of directors. In this article, we will take a closer look at Burlington Stores' board of directors, their roles and responsibilities, and the impact they have on the company's overall performance.
Burlington Stores is a Fortune 500 company that operates over 750 stores across the United States. The company offers a wide range of products, including clothing, shoes, accessories, and home goods, all at discount prices. The company was founded in 1972 in Burlington, New Jersey, and has since expanded to become one of the largest off-price retailers in the country.
Burlington Stores has a strong commitment to giving back to the community. The company partners with various organizations to support causes such as education, health and wellness, and disaster relief. In addition, Burlington Stores has a program called "Warm Coats and Warm Hearts" which donates coats to those in need during the winter months.
The company has also made efforts to become more sustainable. Burlington Stores has implemented energy-efficient lighting and heating systems in their stores, as well as recycling programs. They have also made a commitment to reduce their carbon footprint by using more eco-friendly materials in their products and packaging.
The board of directors of Burlington Stores is responsible for overseeing the company's operations, strategy, and financial performance. They are also responsible for ensuring that the company complies with all relevant laws and regulations, and that it operates in an ethical and sustainable manner. The board of directors also has the power to hire and fire executives, set executive compensation, and approve major strategic decisions.
In addition to these responsibilities, the board of directors also plays a crucial role in representing the interests of the company's shareholders. They are responsible for making decisions that will benefit the company as a whole, rather than just a specific group of stakeholders. This includes making decisions about dividend payouts, stock buybacks, and other financial matters that affect the value of the company's shares. The board of directors must also communicate regularly with shareholders to keep them informed about the company's performance and future plans.
The board of directors of Burlington Stores has undergone several changes over the years. In 2006, the company was sold to private equity firm Bain Capital, and a new board of directors was appointed. In 2013, the company went public, and a new board of directors was appointed again. Today, the board of directors is made up of 10 members, including the company's CEO.
One notable member of Burlington Stores' board of directors is Thomas Kingsbury, who has been the company's CEO since 2008. Under his leadership, Burlington Stores has experienced significant growth and expansion, with the company opening over 100 new stores in the past decade.
In addition to Kingsbury, the board of directors includes several other experienced business leaders, such as Joyce Manning Magrini, who has served as the CEO of a number of retail companies, and John Mahoney, who has extensive experience in finance and accounting. Together, the board of directors plays a crucial role in guiding the strategic direction of Burlington Stores and ensuring the company's continued success.
The current members of Burlington Stores' board of directors are Tom Kingsbury, CEO and Chairman of the Board; Jordan Hitch, President and CFO of The New York Times Company; and eight independent directors, including Karen Katz, former CEO of Neiman Marcus Group, and David George, CEO of RenaissanceRe Holdings Ltd. Collectively, the board brings a wealth of experience in retail, finance, and corporate governance.
In addition to their professional backgrounds, the members of Burlington Stores' board of directors also have a strong commitment to corporate social responsibility. Under their leadership, the company has implemented sustainable practices in its operations and supply chain, and has supported various charitable organizations.
The board of directors also plays a crucial role in shaping the company's long-term strategy and ensuring its financial stability. They regularly review and approve budgets, investments, and major business decisions, while also monitoring the company's performance and risk management.
The members of Burlington Stores' board of directors have a variety of qualifications and experiences that make them well-suited to their roles. Many have significant experience in the retail industry, having held executive positions at major retailers such as Macy's and Neiman Marcus. Others have expertise in finance, law, and other areas that are important for the successful operation of a publicly traded company.
In addition to their professional backgrounds, many of Burlington Stores' board members also have a strong commitment to social responsibility and community involvement. For example, one board member serves on the board of a nonprofit organization that provides job training and placement services to underserved communities. Another board member is actively involved in promoting sustainability and environmental stewardship in the retail industry.
Furthermore, Burlington Stores' board of directors includes a diverse group of individuals, with a range of ages, genders, and ethnicities represented. This diversity brings a variety of perspectives and ideas to the table, which can help the company make better decisions and better serve its customers and stakeholders.
Each board member of Burlington Stores has specific responsibilities assigned to them. For example, the board's lead independent director is responsible for coordinating the activities of the independent directors and acting as a liaison between the independent directors and the CEO. The audit committee members are responsible for overseeing the company's financial reporting and ensuring that the company complies with all relevant accounting standards and regulations.
The compensation committee members are responsible for determining the compensation packages for the company's executives and ensuring that they are aligned with the company's goals and objectives. The governance committee members are responsible for overseeing the company's corporate governance practices and ensuring that the company operates in an ethical and transparent manner. The nominating committee members are responsible for identifying and recommending candidates for election to the board of directors, ensuring that the board is composed of individuals with diverse backgrounds and experiences.
The board of directors of Burlington Stores meets regularly throughout the year. They hold quarterly meetings to review the company's financial performance and strategic direction, as well as additional meetings as needed to discuss specific issues or make major strategic decisions.
In addition to their regular meetings, the board of directors also holds an annual meeting for shareholders. This meeting provides an opportunity for shareholders to ask questions, receive updates on the company's performance, and vote on important matters such as the election of board members and approval of executive compensation.
The board of directors of Burlington Stores plays an important role in ensuring that the company operates in an ethical and sustainable manner. They are responsible for setting the tone at the top and modeling the behavior that they expect from all employees. The board also has the power to implement policies and practices that promote transparency, accountability, and integrity throughout the organization.
Furthermore, the board of directors is responsible for overseeing the company's financial performance and ensuring that it is meeting its obligations to shareholders. They must review and approve financial statements, budgets, and major investments to ensure that they align with the company's strategic goals and are in the best interest of the shareholders. The board also has the responsibility of hiring and evaluating the CEO and other top executives, ensuring that they have the necessary skills and experience to lead the company successfully.
In 2020, Burlington Stores announced that Karen Katz had been appointed to the position of Lead Independent Director. This followed the retirement of former director Thomas Kingsbury. Ms. Katz brings extensive experience in the retail industry to her new role, having served in various leadership positions at Neiman Marcus Group for over 20 years.
In addition to Ms. Katz's appointment, Burlington Stores also welcomed two new directors to its board in 2020. First, Jennifer Vecchio, the former CEO of Great Clips, joined the board in May. Then, in September, John Mahoney, the former CFO of Staples, was appointed as a director. Both Ms. Vecchio and Mr. Mahoney bring valuable experience in the retail and finance industries, respectively, to the Burlington Stores board.
These changes to the board of directors come at a time when Burlington Stores is navigating the challenges posed by the COVID-19 pandemic. The company has implemented various safety measures in its stores and has also shifted its focus to e-commerce in response to changing consumer behavior. The new directors, along with Ms. Katz's leadership as Lead Independent Director, will play an important role in guiding Burlington Stores through these uncertain times.
The board of directors of Burlington Stores has played an important role in the company's success over the years. They have provided guidance and oversight to the executive team, helping to ensure that the company operates in a way that is in the best interests of its shareholders. The board's focus on long-term strategic planning has also helped the company to weather challenges and capitalize on new opportunities.
One of the key ways in which the board has contributed to Burlington Stores' success is through their commitment to corporate social responsibility. The board has made it a priority to ensure that the company operates in an ethical and sustainable manner, taking into account the impact of their business on the environment and the communities in which they operate. This has not only helped to build a positive reputation for the company, but has also helped to attract and retain customers who value socially responsible businesses.
Investors in Burlington Stores should be aware of the significant role that the board of directors plays in the company's success. They should also be aware of the qualifications and experience of each board member, as well as the policies and practices that the board has implemented to promote transparency, accountability, and integrity.
Furthermore, investors should keep an eye on any changes or updates to the board of directors, as this can have a significant impact on the company's direction and performance. It is important to research the backgrounds and track records of any new board members, as well as any potential conflicts of interest that may arise. By staying informed about the board of directors, investors can make more informed decisions about their investments in Burlington Stores.
The board of directors of Burlington Stores compares favorably to those of other major retailers. The board has a diverse set of experiences and qualifications, and the company has implemented policies and practices that promote transparency, accountability, and integrity. This has helped to ensure that the company is well positioned to succeed in a competitive and rapidly changing retail landscape.
One notable aspect of Burlington Stores' board is their commitment to sustainability. The company has set ambitious goals to reduce their carbon footprint and increase their use of renewable energy sources. The board has also implemented policies to reduce waste and promote recycling throughout the company's operations. This focus on sustainability not only benefits the environment, but also helps to build a positive reputation for the company among consumers who prioritize eco-friendly practices.
The board of directors of Burlington Stores faces a number of challenges as the retail industry continues to evolve. One of the biggest challenges is staying ahead of consumer trends and shifting market dynamics. The board must also ensure that the company is able to adapt to new technologies and innovations, while also maintaining its focus on long-term strategic planning.
The future looks bright for Burlington Stores and its board of directors. The company has a strong brand and solid track record of success, and the board is well positioned to continue providing guidance and oversight to the executive team. As long as the board remains focused on long-term strategic planning and the best interests of its shareholders, Burlington Stores is likely to continue to thrive in the years ahead.
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