Press release
Citi Trends Announces Election of Ken Seipel as Chairman of the Board and Refresh of Board of Directors
Announces Retirement of Peter Sachse and Jonathan Duskin Announces Appointment of Wesley Calvert and Pamela Edwards to the Board Company Enters Into Amended
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nAnnounces Retirement of Peter Sachse and Jonathan Duskin\n\nAnnounces Appointment of Wesley Calvert and Pamela Edwards to the Board\n\nCompany Enters Into Amended and Restated Cooperation Agreement with Fund 1 Investments\n\nCompany Expects Strong Q1 2025 Comparable Store Sales Growth of Mid to High-Single Digits\n\n SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN) (“Citi Trends” or the “Company”), a leading off-price value retailer of apparel, accessories and home trends primarily for African American families in the United States, today announced that its Board of Directors (the “Board”) has elected Kenneth (Ken) Seipel, the Company’s Chief Executive Officer and a member of the Board, as Chairman of the Board, effective April 2, 2025. The Board unanimously voted to elect Mr. Seipel to the newly combined role, recognizing his extensive leadership experience and deep understanding of the Company’s operations. Additionally, the Board appointed David Heath to serve as the Lead Independent Director effective April 2, 2025.\n\nMargaret 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.”\n\nCommenting 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.”\n\nAdditionally, 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.\n\nMr. 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.”\n\nThe Board also announced the planned retirement of Jonathan Duskin, the Lead Independent Director, Chair of the Board’s Fina...