CEO of Belk stepping down next month

Tim Belk, the chief executive officer of the Charlotte-based department store chain named after his family, will retire next month.

Posted 4:41 p.m. Jun 29, 2016 — Updated 4:44 p.m. Jun 29, 2016

CHARLOTTE, N.C. — Tim Belk, the chief executive officer of the Charlotte-based department store chain named after his family, will retire next month.

Belk, Inc. announced the move Wednesday, saying Tim Belk will be replaced by North Carolina native Lisa Harper, effective July 5.

Harper, a Durham native and graduate of the University of North Carolina at Chapel Hill, has served as the CEO of Hot Topic Inc. since March 2011.

Tim Belk will remain on the Belk board of directors following his retirement.

"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," Tim Belk said in a statement. "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."

Last year, the Belk family sold its chain to New York investment group Sycamore Partners for about $3 billion.

Belk operates 239 stores in 16 southern states.

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