Big Lots chief merchandising officer out on heels of weak Q1

A disappointing quarter has led to a departure at Big Lots.

In a filing with the Securities and Exchange Commission, the discounter said that Jack A. Pestello, executive VP, chief merchandising officer, will “separate” from the company, effective immediately. Two senior VPs, Kevin Kuehl and Derek Panfil, have each been designated interim co-chief merchandising officer, reporting directly to CEO Bruce K. Thorn.

Pestello joined Big Lots in 2020 from Walmart, where he spent nearly seven years, most recently as senior VP/general merchandise manager, packaged goods. He leaves Big Lots days after the chain reported a surprise fiscal first-quarter loss as sales fell 15.4%.

In its SEC filing, Big Lots said that Pestello's "separation" would be treated as a "termination without cause" for purposes of the company's severance plan.

Prior to Walmart, Pestello was with Australia’s Woolworth Group.