Citi Trends Announces Election of Ken Seipel as Chairman of the Board and Refresh of Board of Directors
Citi Trends (NASDAQ: CTRN) announced significant leadership changes and positive sales expectations. Ken Seipel, the current CEO, has been elected as Chairman of the Board, effective April 2, 2025, while David Heath will serve as Lead Independent Director.
The company announced the retirement of Peter Sachse and Jonathan Duskin from the Board, with two new directors appointed: Wesley Calvert and Pamela Edwards. Calvert will chair the Finance Committee, while Edwards will lead the Audit Committee. These appointments are part of an Amended and Restated Cooperation Agreement with Fund 1 Investments.
In a significant business update, Citi Trends expects Q1 2025 comparable store sales growth in the mid to high-single digits compared to Q1 2024, driven by increased customer traffic and basket size. The company views this as validation that their product and service strategies are effectively gaining market share.
Citi Trends (NASDAQ: CTRN) ha annunciato importanti cambiamenti nella leadership e aspettative positive per le vendite. Ken Seipel, l'attuale CEO, è stato eletto Presidente del Consiglio di Amministrazione, con effetto dal 2 aprile 2025, mentre David Heath servirà come Direttore Indipendente Principale.
La società ha annunciato il ritiro di Peter Sachse e Jonathan Duskin dal Consiglio, con la nomina di due nuovi direttori: Wesley Calvert e Pamela Edwards. Calvert presiederà il Comitato Finanza, mentre Edwards guiderà il Comitato di Revisione. Queste nomine fanno parte di un Accordo di Cooperazione Emendato e Ristampato con Fund 1 Investments.
In un aggiornamento aziendale significativo, Citi Trends prevede una crescita delle vendite comparabili nei negozi per il Q1 2025 nella fascia medio-alta delle cifre singole rispetto al Q1 2024, sostenuta dall'aumento del traffico dei clienti e della dimensione del carrello. L'azienda considera questo come una convalida che le loro strategie di prodotto e servizio stanno guadagnando efficacemente quote di mercato.
Citi Trends (NASDAQ: CTRN) anunció cambios significativos en el liderazgo y expectativas positivas de ventas. Ken Seipel, el actual CEO, ha sido elegido Presidente de la Junta, efectivo el 2 de abril de 2025, mientras que David Heath servirá como Director Independiente Principal.
La compañía anunció la jubilación de Peter Sachse y Jonathan Duskin de la Junta, con la designación de dos nuevos directores: Wesley Calvert y Pamela Edwards. Calvert presidirá el Comité de Finanzas, mientras que Edwards liderará el Comité de Auditoría. Estas designaciones son parte de un Acuerdo de Cooperación Modificado y Restablecido con Fund 1 Investments.
En una actualización empresarial significativa, Citi Trends espera un crecimiento de ventas en tiendas comparables del Q1 2025 en el rango medio-alto de cifras simples en comparación con el Q1 2024, impulsado por un aumento en el tráfico de clientes y el tamaño de la cesta. La empresa considera esto como una validación de que sus estrategias de producto y servicio están ganando efectivamente cuota de mercado.
Citi Trends (NASDAQ: CTRN)는 중요한 리더십 변화를 발표하고 긍정적인 판매 기대치를 제시했습니다. Ken Seipel 현재 CEO가 2025년 4월 2일부터 이사회의 의장으로 선출되었으며, David Heath는 수석 독립 이사로 활동할 것입니다.
회사는 Peter Sachse와 Jonathan Duskin의 이사회 퇴임을 발표하고, 두 명의 새로운 이사를 임명했습니다: Wesley Calvert와 Pamela Edwards. Calvert는 재무 위원회를 주재하고, Edwards는 감사 위원회를 이끌 것입니다. 이러한 임명은 Fund 1 Investments와의 수정 및 재작성된 협력 계약의 일환입니다.
중요한 사업 업데이트에서 Citi Trends는 2025년 1분기 비교 가능한 매장 판매 성장률이 1년 전보다 중간에서 높은 단일 자릿수에 이를 것으로 예상하며, 이는 고객 유입과 장바구니 크기의 증가에 의해 주도됩니다. 회사는 이를 통해 그들의 제품 및 서비스 전략이 효과적으로 시장 점유율을 확보하고 있다는 것을 확인하고 있습니다.
Citi Trends (NASDAQ: CTRN) a annoncé d'importants changements de direction et des attentes de ventes positives. Ken Seipel, l'actuel PDG, a été élu président du conseil d'administration, à compter du 2 avril 2025, tandis que David Heath exercera la fonction de directeur indépendant principal.
L'entreprise a annoncé la retraite de Peter Sachse et Jonathan Duskin du conseil, avec la nomination de deux nouveaux directeurs : Wesley Calvert et Pamela Edwards. Calvert présidera le comité des finances, tandis qu'Edwards dirigera le comité d'audit. Ces nominations font partie d'un accord de coopération modifié et révisé avec Fund 1 Investments.
Dans une mise à jour commerciale significative, Citi Trends s'attend à une croissance des ventes comparables en magasin pour le Q1 2025 dans la fourchette moyenne à élevée des chiffres uniques par rapport au Q1 2024, soutenue par une augmentation du trafic client et de la taille du panier. L'entreprise considère cela comme une validation que ses stratégies de produit et de service gagnent efficacement des parts de marché.
Citi Trends (NASDAQ: CTRN) hat bedeutende Führungswechsel und positive Umsatzprognosen angekündigt. Ken Seipel, der derzeitige CEO, wurde zum Vorsitzenden des Vorstands gewählt, wirksam ab dem 2. April 2025, während David Heath als leitender unabhängiger Direktor fungieren wird.
Das Unternehmen gab die Pensionierung von Peter Sachse und Jonathan Duskin aus dem Vorstand bekannt und ernannte zwei neue Direktoren: Wesley Calvert und Pamela Edwards. Calvert wird den Finanzausschuss leiten, während Edwards den Prüfungsausschuss führen wird. Diese Ernennungen sind Teil eines geänderten und neu gefassten Kooperationsvertrags mit Fund 1 Investments.
In einem bedeutenden Geschäftsunterschied erwartet Citi Trends ein Wachstum der vergleichbaren Ladenverkäufe im Q1 2025 im mittleren bis hohen einstelligen Bereich im Vergleich zum Q1 2024, angetrieben durch erhöhten Kundenverkehr und Warenkorbgröße. Das Unternehmen sieht dies als Bestätigung, dass ihre Produkt- und Dienstleistungsstrategien effektiv Marktanteile gewinnen.
- Expected mid to high-single digit comparable store sales growth in Q1 2025
- Increased customer traffic and basket size indicating successful business strategy
- Strategic board refresh with addition of experienced retail and financial experts
- Extended standstill agreement with Fund 1 Investments for up to two years
- Significant board turnover with retirement of key members including former Chairman
Announces Retirement of Peter Sachse and Jonathan Duskin
Announces Appointment of Wesley Calvert and Pamela Edwards to the Board
Company Enters Into Amended and Restated Cooperation Agreement with Fund 1 Investments
Company Expects Strong Q1 2025 Comparable Store Sales Growth of Mid to High-Single Digits
Margaret Jenkins, Chair of the Nominating and Corporate Governance Committee, stated, “Ken brings a wealth of industry expertise and governance experience to this role. His strategic vision and operational leadership will be invaluable as we continue to drive growth and enhance shareholder value.”
Commenting on his appointment, Mr. Seipel said, “I appreciate the Board’s confidence, and I look forward to collaborating with my colleagues to execute Citi Trends’ strategic initiatives and significantly improve shareholder value.”
Additionally, Citi Trends announced the retirement of Peter Sachse from the Board, effective as of April 2, 2025. Mr. Sachse has served Citi Trends in multiple capacities since 2019, including as Interim Chief Executive Officer, Executive Chairman of the Board, and most recently as the Chairman of the Board.
Mr. Seipel acknowledged Mr. Sachse’s contributions, stating, “On behalf of the Company, I would like to thank Peter for his leadership and dedication. His expertise and unwavering commitment have played a pivotal role in guiding Citi Trends. As he embarks on his next endeavors, we extend our best wishes for his continued success.”
The Board also announced the planned retirement of Jonathan Duskin, the Lead Independent Director, Chair of the Board’s Finance Committee and Audit Committee, and a member of the Board’s Compensation Committee, effective as of April 2, 2025. Mr. Duskin, who joined the Board in 2017, will assist with the transitions by serving as a consultant to the Company until September 25, 2025.
Mr. Seipel expressed gratitude for Mr. Duskin’s service, saying, “Jonathan’s strategic financial acumen and high level of engagement have been instrumental in navigating Citi Trends through key phases of growth. We sincerely appreciate his contributions and wish him success in his future endeavors.”
In addition, Citi Trends announced that it will appoint two new directors—Wesley Calvert and Pamela Edwards—to the Board in connection with the Amended and Restated Cooperation Agreement (the “Agreement”) between the Company and Fund 1 Investments, LLC (“Fund 1”). Under the Agreement, Mr. Calvert will be appointed Chair of the Board’s Finance Committee. Ms. Edwards will be appointed Chair of the Board’s Audit Committee.
In connection with the Agreement, Fund 1 has agreed to, among other things, a customary standstill lasting up to two years and voting commitment. The complete Agreement will be filed with the
Mr. Seipel commented on the appointments of Mr. Calvert and Ms. Edwards, stating, “We are excited to welcome Wes and Pam to our Board. We believe Wes’ financial and investment expertise in a broad range of industries, and Pam’s consumer brand experience, as well as her extensive career and board financial experience in apparel retailing will be of great value to our Board. Both have deep leadership experience and diverse skills, which will further strengthen our capabilities as a group. Adding Wes and Pam continues a long process of Board refreshment to support our operational effectiveness and long-term strategy.”
Jonathan Lennon, Founder and CIO of Fund 1 and PLP Funds (“PLP”), concluded: “Today's announcement reflects continuous progress in reshaping Citi Trends' Board of Directors. I commend Ken and the Board for the sense of partnership these changes demonstrate. This is the type of aligned, high-quality leadership we can firmly support. While substantial opportunity remains, Citi Trends is making strides to improve shareholder value.”
Following the conclusion of the Company’s 2025 annual meeting of stockholders, the Board will be capped at eight directors for the duration of the Agreement.
About Wesley Calvert
Mr. Calvert is an investment management executive with experience in the financial services industry advising and investing in companies in the consumer, hospitality, media, and industrial sectors.
- Strategic Equities at PLP Funds
- Former Founding Partner of The Donerail Group LP
- Former Senior Analyst at Starboard Value LP
- Holds a B.B.A. in Accounting and Finance from California Polytechnic State University-San Luis Obispo
About Pamela Edwards
Ms. Edwards is a former Chief Financial Officer with extensive retail, financial, and consumer brand experience.
- Director of The AZEK Company Inc. and Olaplex Holdings, Inc.
- Former Director at Hibbett Inc.
- Former Chair of Audit Committee and Board member for Neiman Marcus Department Stores
- Former Chief Financial Officer and Executive Vice President of Citi Trends, Inc.
- Former Chief Financial Officer and Executive Vice President of L Brands, Inc.’s (n/k/a Bath & Body Works, Inc.) Mast Global division
- NACD Directorship Certified®
- Holds a M.B.A. from Duke University and a B.S. in Finance from Florida A&M University
Q1 2025 Sales Update
- Company now expects Q1 2025 comparable store sales to grow mid to high-single digits vs. Q1 2024
- Expected Q1 comps represent continued momentum from fourth quarter performance and is driven by increased customer traffic and basket size
- Company views the strong customer response as an indicator that product and service strategies are resonating, which in turn is allowing it to gain market share
About PLP Funds
PLP is a global public and private equity investment partnership primarily focused on the consumer, telecom, media and technology sectors. Led by Jonathan Lennon, the firm has extensive experience investing in the retail sector and invests through various partnerships and accounts. PLP is a registered investment advisor with the SEC.
About Citi Trends
Citi Trends, Inc. (NASDAQ: CTRN) is a leading off-price value retailer of apparel, accessories and home trends primarily for African American families in
Forward-Looking Statements
All statements other than historical facts contained in this news release are forward-looking statements, within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, that are subject to material risks and uncertainties. The words “believe,” “may,” “could,” “plans,” “estimate,” “expects,” “continue,” “anticipate,” “intend,” “expect,” “upcoming,” “trend” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements, although not all forward-looking statements contain such language. Investors are cautioned that any such forward-looking statements are subject to the finalization of the Company’s quarter-end financial and accounting procedures, are not guarantees of future performance or results, and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Actual results or developments may differ materially from those included in the forward-looking statements as a result of various factors which are discussed in our Annual Reports and Quarterly Reports on Forms 10-K and 10-Q, respectively, and any amendments thereto, filed with the SEC. These risks and uncertainties include, but are not limited to, uncertainties relating to general economic conditions, including inflation, energy and fuel costs, unemployment levels, and any deterioration whether caused by acts of war, terrorism, political or social unrest (including any resulting store closures, damage or loss of inventory); or other factors; changes in market interest rates and market levels of wages; the imposition of new taxes on imports, new tariffs and changes in existing tariff rates; the imposition of new trade restrictions and changes in existing trade restrictions; impacts of natural disasters such as hurricanes; uncertainty and economic impact of pandemics, epidemics or other public health emergencies; transportation and distribution delays or interruptions; changes in freight rates; the Company’s ability to attract and retain workers; the Company’s ability to negotiate effectively the cost and purchase of merchandise inventory risks due to shifts in market demand and to manage inventory shrinkage; the Company’s ability to gauge fashion trends and changing consumer preferences; consumer confidence and changes in consumer spending patterns; competition within the industry; competition in our markets; the duration and extent of any economic stimulus programs; changes in product mix; interruptions in suppliers’ businesses; the impact of the cyber disruption we identified on January 14, 2023, including legal, reputational, financial and contractual risks resulting from the disruption, and other risks related to cybersecurity, data privacy and intellectual property; temporary changes in demand due to weather patterns; seasonality of the Company’s business; changes in market interest rates and market level wages; the results of pending or threatened litigation; delays associated with building, remodeling, opening and operating new stores; and delays associated with building, and opening or expanding new or existing distribution centers. Any forward-looking statements by the Company, with respect to guidance, the repurchase of shares pursuant to a share repurchase program, or otherwise, are intended to speak only as of the date such statements are made. Except as required by applicable law, including the securities laws of
View source version on businesswire.com: https://www.businesswire.com/news/home/20250327036147/en/
Investor Relations:
Tom Filandro
ICR, Inc.
CitiTrendsIR@icrinc.com
Source: Citi Trends, Inc.
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