Ollie's Bargain Outlet CEO Mark Butler Dies at 61
We are saddened at the news that one of The Motley Fool's favorite CEOs, Mark Butler, died suddenly on Dec. 1 while spending Thanksgiving weekend with his family. He was 61.
Butler, co-founder and longtime chief executive of Ollie's Bargain Outlet Holdings (NASDAQ: OLLI), was an iconoclastic entrepreneur. At a time when the rest of the retail world was pushing into the web, he guided Ollie's in the exact opposite direction, proudly noting that the company generated no revenue online. This operating strategy worked really well, for while other retailers fought out a zero-sum game online, Ollie's generated a fiercely loyal "Army" of customers who enjoyed the treasure hunt for extreme values in its self-described "semi-lovely stores." While many retailers have struggled, Ollie's revenues have doubled from 2015 to today, in no small part due to the strategic direction that Butler helped forge.
The Ollie's Bargain Outlet board of directors said in its press release that Butler was "an exceptional entrepreneur, merchant, leader, philanthropist, friend and family man. From ringing the first sale in the first Ollie's store in Mechanicsburg, Pennsylvania, in 1982, to leading the Company's highly profitable growth to 345 stores in 25 states, Mark built a successful and enduring retail concept, assembled an incredible team, created thousands of jobs and delivered millions of bargains to our customers, while delivering exceptional shareholder value along the way."
Source Fool.com
