THE CATO CORPORATION ANNOUNCES CFO TRANSITION PLANS

Rhea-AI Summary

The Cato Corporation (NYSE: CATO) announced the retirement of John R. Howe, CFO, effective January 17, 2022, after 35 years with the company. He will assist with the transition until May 1, 2022. Chuck Knight will succeed him, bringing experience from The Vitamin Shoppe and Toys 'R' Us. The company appreciates Howe's contributions, noting his leadership in financing operations. Cato operates value-priced fashion retailers including Cato, Versona, and It's Fashion, offering exclusive merchandise.

Positive

• Chuck Knight brings extensive experience from previous roles, potentially enhancing financial leadership.
• John Howe's 35 years of service indicates strong leadership continuity during the transition.

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• None.

CHARLOTTE, N.C., Jan. 4, 2022 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) announced today that John R. Howe, its Executive Vice President and Chief Financial Officer and the Company's principal financial officer, plans to retire from these roles effective January 17, 2022 following 35 years of service with the Company.  Mr. Howe will remain employed with the Company through May 1, 2022 to assist with the transition. 

Chuck Knight will succeed Mr. Howe as Executive Vice President and Chief Financial Officer effective January 17, 2022.  Mr. Knight joins the Company following previous service with The Vitamin Shoppe, first as Senior Vice President, Chief Accounting Officer, and then as Executive Vice President, Chief Financial Officer.  Prior to that, Mr. Knight served as Senior Vice President, Corporate Controller for Toys "R" Us.

"I'd like to sincerely thank John Howe for his many contributions to Cato over the last 35 years, including the last 13 as CFO and in numerous positions with our finance team during his career with the Company.  His steady hand and effective leadership have enabled the Company to soundly finance its operations and growth over the years," said John P.D. Cato, Chairman, President and Chief Executive Officer.  "He has been a true partner to me, and we wish John well in his retirement," Mr. Cato added.

"We are excited to welcome Chuck Knight to the Cato executive leadership team," said Mr. Cato.  "We believe the extensive experience that Chuck brings to Cato will make him a valuable asset to the organization."

The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, "Cato," "Versona" and "It's Fashion."  The Company's Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day.  The Company also offers exclusive merchandise found in its Cato stores at www.catofashions.com.  Versona is a unique fashion destination offering apparel and accessories including jewelry, handbags and shoes at exceptional prices every day.  Select Versona merchandise can also be found at www.shopversona.com.  It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day.

Statements in this press release that express a belief, expectation or intention, as well as those that are not a historical fact, are considered "forward-looking" within the meaning of The Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are based on current expectations that are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contemplated by the forward-looking statements. Such factors include, but are not limited to, any actual or perceived deterioration in the conditions that drive consumer confidence and spending, including, but not limited to, prevailing social, economic, political and public health conditions and uncertainties, levels of unemployment, fuel, energy and food costs, wage rates, tax rates, interest rates, home values, consumer net worth and the availability of credit; changes in laws, regulations or government policies affecting our business including but not limited to tariffs; uncertainties regarding the impact of any governmental actions regarding, or responses to, to the foregoing conditions; competitive factors and pricing pressures; our ability to predict and respond to rapidly changing fashion trends and consumer demands; our ability to successfully implement our new store development strategy to increase new store openings and the  ability of any such new stores to grow and perform as expected; adverse weather, public health threats (including the global coronavirus (COVID-19) pandemic) or similar conditions that may affect our sales or operations; inventory risks due to shifts in market demand, including the ability to liquidate excess inventory at anticipated margins; and other factors discussed under "Risk Factors" in Part I, Item 1A  of the Company's most recently filed annual report on Form 10-K and in other reports the Company files with or furnishes to the SEC from time to time.  The Company does not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it clear that the projected results expressed or implied therein will not be realized. The Company is not responsible for any changes made to this press release by wire or Internet services.

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SOURCE The Cato Corporation

FAQ

Who is the new CFO of Cato?

Chuck Knight will become the new CFO of Cato effective January 17, 2022.

When is John Howe retiring from Cato?

John Howe is retiring effective January 17, 2022.

What was John Howe's role at Cato?

John Howe served as the Executive Vice President and Chief Financial Officer.

How long did John Howe serve at Cato?

John Howe served at Cato for 35 years.

What companies did Chuck Knight work for before Cato?

Chuck Knight previously served at The Vitamin Shoppe and Toys 'R' Us.