Citi Trends Appoints Kenneth D. Seipel as New Chief Executive Officer

Citi Trends, a retail company (NASDAQ: CTRN) operating 592 stores across 33 states, announced the appointment of Kenneth (Ken) D. Seipel as its new Chief Executive Officer, effective November 18, 2024. This appointment follows the conclusion of the Board of Directors’ search for a permanent CEO. Mr. Seipel, 64, previously served as the Interim Chief Executive Officer of Citi Trends, bringing with him a wealth of experience in the retail sector.

Ken Seipel has an extensive background spanning various leadership roles in retail, including serving as the Interim Chief Executive Officer at Citi Trends since June 1, 2024. He is also known for his contributions to companies such as West Marine Inc., Gabriel Brothers Inc., Wet Seal Inc., Pamida Discount Stores LLC, and Old Navy, among others. Mr. Seipel’s proven track record in retail management positions and his strategic leadership skills make him a valuable addition to Citi Trends.

In conjunction with his appointment, Mr. Seipel is set to receive a base salary of $725,000 annually and is eligible for additional cash incentives based on the Company’s performance targets. Moreover, he will be granted restricted shares in Citi Trends, subject to certain vesting conditions as per the terms outlined in the Performance-Based Restricted Stock Award Agreement.

As part of the announcement, Peter Sachse, the current Executive Chairman of the Board, will assume the role of Chairman of the Board at Citi Trends. The Board expressed confidence in Mr. Seipel’s ability to drive the Company’s long-term growth strategy and create value for shareholders.

Citi Trends also reported its preliminary financial results for Q3 2024, where the Company achieved total sales of $179.1 million and recorded a comparable store sales growth of 5.7% compared to the same period in 2023. These figures surpassed the Company’s previous expectations for the quarter. The increase in sales and gross margin, which was reported at 39.8% for Q3 2024, was attributed to improved product offerings, enhanced allocation methods, and increased customer traffic.

The Company will provide further details on its Q3 2024 earnings during the earnings release scheduled for December 3, 2024. During the earnings call, management plans to discuss the results in greater detail, including the financial performance and future outlook for Citi Trends.

Investors and stakeholders are eagerly anticipating the impact of the new appointment and the Company’s performance under the leadership of Ken Seipel as it continues its strategic initiatives towards sustainable growth and shareholder value creation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Citi Trends’s 8K filing here.

About Citi Trends

Citi Trends, Inc operates as a value retailer of fashion apparel, accessories, and home goods. The company offers apparel, such as fashion sportswear and footwear for men and ladies, as well as apparel for kids, including newborns, infants, toddlers, boys, and girls; sleepwear, lingerie, and scrubs for ladies; and kids uniforms and accessories.