Citi Trends Announces Ed Anderson to Retire as CEO
26 March 2009 - 7:05AM
Business Wire
Citi Trends, Inc. (NASDAQ: CTRN) today announced that Ed
Anderson, Chairman and Chief Executive Officer, will retire as CEO
effective April 4, 2009. David Alexander, currently President and
Chief Operating Officer, will assume the role of Chief Executive
Officer and become a member of the Board of Directors, effective
April 5, 2009.
Mr. Anderson will continue as an employee of the Company,
serving as Executive Chairman of the Board, in order to provide for
an orderly transition of the Chief Executive Officer role. He will
serve as advisor and counselor to Mr. Alexander and will continue
to serve as Chairman of the Company�s Real Estate Committee. Mr.
Anderson will also provide broad oversight of the Company�s
operations for the Board, and Mr. Alexander will report directly to
him.
Mr. Anderson commented, �First, this is a great time for me to
step down. The Company had a very good year in 2008 and is off to
an excellent start in 2009. We have assembled a great team of
executives to lead the Company into the future. Very importantly,
we are promoting to Chief Executive Officer, David Alexander, an
executive with outstanding skills and experience.�
�The Board of Directors has taken succession planning very
seriously, and has spent a great deal of time and effort,
particularly, on executive management succession. My stepping down
and moving into the Executive Chair role, together with promoting
David Alexander, a highly qualified executive, to the CEO job, are
successful results of the Board�s succession planning process.�
�I have enjoyed leading this Company for the last seven years.
Our team has accomplished a great deal in that time. The Company is
strong financially, is operating very well and is positioned for
great success in the future. I thank all the Citi Trends employees
for their hard work and support.�
John Lupo, an independent Director of Citi Trends Inc.,
commented, �Ed Anderson�s leadership has not only led Citi Trends
to year after year record sales and profits, the building of a
strong infrastructure and an even stronger balance sheet, but he
has done so with the highest level of honesty and integrity. He has
developed a culture and a management team that is built on that
same high level of honesty and integrity. The Company is fortunate
that Ed has agreed not only to remain on the Board, but also to be
our Executive Chairman of the Board and help manage the
transition.�
�The Board of Directors would also like to congratulate David
Alexander on his promotion to Chief Executive Officer and welcome
him as a director. We are very fortunate to have an individual of
David�s caliber to be able to step in and assume the CEO role. The
Board will do whatever we can to make the transition smooth and
help David in any way we can.�
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion
apparel and accessories for the entire family. The Company
currently operates 361 stores located in 22 states in the
Southeast, Mid-Atlantic and Midwest regions and the state of Texas.
Citi Trends� website address is www.cititrends.com. CTRN-E
Citi Trends (NASDAQ:CTRN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Citi Trends (NASDAQ:CTRN)
Historical Stock Chart
From Jul 2023 to Jul 2024