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Big Lots names veteran retail executive as new CEO

COLUMBUS, Ohio (AP) -- Discount retailer Big Lots Inc. said Tuesday that it named David Campisi as its president and CEO, effective May 6.

Campisi, 57, replaces Steve Fishman, who said in December that he would retire when a successor was appointed. At that time, Big Lots was reeling from disappointing financial results and news of federal investigations into some of Fishman's stock trades.

Fishman also will step down from the company's board after its May 30 annual meeting, at which time Campisi will be named as a director, the company said.

In connection with Campisi's appointment, the company said it plans to elect a non-executive chairman of the board.

Campisi has more than 30 years of retail industry experience. He most recently served as chairman and CEO of Respect Your Universe Inc., which sells sports apparel and equipment. Before that, Campisi worked for The Sports Authority for nearly seven years, eventually becoming its chairman and CEO. 

Shares of Columbus, Ohio-based Big Lots rose 31 cents to $36.84 in morning trading.

After taking a big hit in 2012, Big Lots shares have been on the rebound since the start of this year, gaining about 28 percent.