The board of directors of Belk, Inc. announced that Tim Belk will retire as CEO of the company in July, while continuing to serve on the board. Lisa Harper, who previously served as CEO of Hot Topic, will succeed Belk effective July 5, 2016.
“After managing through the ownership transition and filling a number of key management positions, I’ve decided this is an opportune time for me to retire as CEO of Belk,” said Tim Belk. “It has been an honor to continue my family’s legacy by serving the company over the past 35 years. I would like to express my gratitude to the thousands of associates, both current and former, and the customers who have helped create the company Belk is today. Their commitment to and passion for our company has been incredible.”
He added, “I also appreciate the partnership we’ve developed with Stefan Kaluzny and Sycamore Partners. Their vision and expertise will carry the company forward to even greater success.”
A North Carolina native who worked on the selling floor at Belk as one of her first jobs, Harper brings more than two decades of experience across the retail industry. “I am confident she will be a dynamic leader who will carry forth our values, our brand, and our focus on our customers,” Belk said. “I look forward to working with Lisa during a transition period in July and in my continued role as a board member.”
“Tim’s vision and passion as a leader were among the qualities that first attracted us to Belk, and I look forward to continuing to work with him on the board,” said Stefan Kaluzny, chairman of the Belk, Inc. Board of Directors and managing director of Sycamore Partners. “We are excited for the company’s next chapter, and we believe Lisa will position Belk for future success as we build on the company’s legacy and continue to deliver its modern Southern style.”
Belk, who was named CEO in 2004, joined the company in 1981 as a management trainee. He served in a variety of roles including buyer, store manager, divisional merchandise manager for men’s and boys, senior vice president of human resources and president of stores and real estate. He led the company through the acquisitions of Parisian, Proffitt’s and McRae’s.