Paul Metcalf has resigned as executive vice president and chief merchandising officer of Burlington Stores Inc. after more than two years in the post.
Metcalf joined the off-price retailer in 2012 following six years with The TJX Cos. Inc., most recently as senior vice president and chief merchandising officer of women’s apparel.
He began his career with The May Department Stores Co.
Burlington disclosed his resignation in a regulatory filing with the Securities and Exchange Commission but didn’t provide additional details.
In a research note, Morgan Stanley analyst Kimberly Greenberger pointed out that Thomas Kingsbury, Burlington’s chief executive officer, “has remained intimately involved in merchandising efforts even during Paul Metcalf’s tenure.”
Between Kingsbury, Burlington’s six general merchandise managers and three off-price consultants retained by the retailer, “we believe the organizational structure and functional expertise are more than sufficient to drive continued strong execution” until a successor is appointed, she wrote.
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Last year, Burlington’s comparable-store sales increased 4.9 percent as net sales grew 8.7 percent, to $4.81 billion, and net income quadrupled to $66 million.
Shares of Burlington dropped 4.4 percent to $58.34 in morning trading Wednesday. They reached a 52-week high of $61.94 in midday trading Monday.