99 Cents Only CFO Resigns
City of Commerce, Calif., 99 Cents Only Stores today said its CFO, Jim Ritter, has resigned to pursue other opportunities. Ritter’s resignation, effective immediately, is one of three resignations announced today. Ben Schwartz, a long-standing board member, and Howard Gold, the founder’s son and executive officer of the company, have stepped down from the board following discussions with the New York Stock Exchange related to independence requirements. Due to payments made by the company to a business owned by his son, Schwartz could not be considered independent. According to the company, Gold quit the board to fulfill the NYSE requirement for a majority of independent directors.