Press release
Citi Trends Announces CEO Appointment and Narrows EPS Guidance
Appoints David Makuen as Chief Executive Officer Interim CEO Peter Sachse to transition to Executive Chairman Fiscal 2019 full year EPS narrowed to upper end
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nAppoints David Makuen as Chief Executive Officer\n\n\nInterim CEO Peter Sachse to transition to Executive Chairman\n\n\nFiscal 2019 full year EPS narrowed to upper end of prior guidance\n\n SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN) today announced that the Company’s Board of Directors has appointed David Makuen as Chief Executive Officer, effective March 9, 2020. Mr. Makuen will succeed Peter Sachse, who has served as Interim CEO since December 9, 2019. Mr. Makuen will assume the day-to-day leadership of the Company and will also join Citi Trends’ Board of Directors. Peter Sachse has been appointed by the Board of Directors as the Executive Chairman, effective March 9, 2020, and will work alongside David as he transitions into his new role as CEO. In addition, the Company has narrowed its fiscal 2019 earnings per diluted share guidance to a range of $1.47 to $1.49 when adjusted for proxy-contest and interim CEO related expenses*, which is at the upper end of the Company’s prior guidance. The Company is also reporting that it achieved a 3.1% comparable store sales increase for the fourth quarter.\n\n\nCEO Appointment and Transition\n\n\nThe Company’s Chairman of the Board, Brian Carney, commented, “We are excited to have David join Citi Trends. David comes to us with over 24 years of retail experience, most recently as Executive Vice President of marketing, strategy, and ecommerce for Five Below. David was a member of the leadership team that oversaw Five Below’s explosive growth over the past 8 years. David’s proven leadership experience along with his unique skillset gives us confidence that he is the right leader to drive Citi Trends’ long-term strategic plan to reach sales of $1.0 billion by 2022 and an earnings per share CAGR of 20-25%.”\n\n\nCarney continued, “We are also thrilled to have Peter Sachse’s continued involvement as he partners with David to drive Citi Trends’ strategic objectives over both the near and longer terms. Peter’s guidance over the last few months as Interim CEO and his appointment to Executive Chairman will make for a smooth leadership transition, enabling the team to leverage his extensive knowledge and experience to maximize the strategic initiatives he has spearheaded at Citi Trends.”\n\n\nDavid Makuen commented, “I am incredibly excited about the opportunity to join the...