Carter’s, Inc. Announces Leadership Transition
Reaffirms FY 2024 Financial Outlook
Richard F. Westenberger has been appointed interim Chief Executive Officer, in addition to his responsibilities as Senior Executive Vice President, Chief Financial Officer & Chief Operating Officer. He joined the Company in 2009 as Executive Vice President & Chief Financial Officer, and was appointed Senior Executive Vice President, Chief Financial Officer & Chief Operating Officer in March 2024.
William J. Montgoris, Lead Independent Director, has been appointed Non-Executive Chairman of the Board of Directors.
Mr. Casey’s retirement, and the appointments of Mr. Westenberger and Mr. Montgoris, are effective immediately.
Mr. Casey will serve in an advisory capacity until February 28, 2025 to help support the leadership transition. The Board has initiated a comprehensive search process to identify a new CEO and has retained Egon Zehnder to assist. The search is focused exclusively on external candidates.
“On behalf of the Board, I want to express our deepest gratitude to Mike for his dedication, leadership, and numerous contributions over his three decades at the Company,” said Mr. Montgoris. “During his tenure, the Company has strengthened its position as the market leader in young children’s apparel and has grown significantly through the creation of new brands and new channels of distribution including retail stores, eCommerce, and our international businesses. We look forward to identifying our next CEO who can build on this strong foundation and deliver a new chapter of growth and value creation for Carter’s.”
Mr. Casey commented, “It has been the honor of my career to lead Carter’s alongside our talented and dedicated team. Together, we have built the strongest and most trusted brands in young children’s apparel, grown our unique multi-channel business model, and strengthened our marketing and operational capabilities. As we enter a new year, I believe it is the right time for me to retire and for the Company to identify its next leader. Carter’s is in good hands and well-positioned to strengthen its leadership of the young children’s apparel market in the years ahead.”
Company Reaffirms Previously Disclosed Financial Outlook
Subject to completion of its customary year-end financial processes and external audit, the Company reaffirms its outlook for fiscal year 2024, on an adjusted basis, as previously disclosed on October 25, 2024. The Company expects to provide fourth quarter and fiscal year 2024 results in February.
About Carter’s, Inc.
Carter’s, Inc. is the largest branded marketer in
Forward-Looking Statements
Statements in this press release that are not historical fact and use predictive words such as “estimates,” “outlook,” “guidance,” “expect,” “believe,” “intend,” “designed,” “target,” “plans,” “may,” “will,” “are confident” and similar words are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed in this press release. These risks and uncertainties include, but are not limited to, the factors disclosed in Part 1, Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, and otherwise in our reports and filings with the Securities and Exchange Commission, as well as the following factors: risks related to Mr. Casey’s retirement; risks related to our ability to identify and retain an external CEO candidate; risks related to the 2024 U.S. presidential election; risks related to public health crises; changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits; continued inflationary pressures with respect to labor and raw materials and global supply chain constraints that have had, and could continue to have, an affect on freight, transit, and other costs; risks related to geopolitical conflict, including ongoing geopolitical challenges between
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Sean McHugh
Vice President & Treasurer
(678) 791-7615
sean.mchugh@carters.com
Source: Carter’s, Inc.