– USA, GA – Citi Trends, Inc. (NASDAQ: CTRN) today announced that its Board of Directors has appointed David Makuen as CEO effective March 9, 2020.
Mr. Makuen will assume the day-to-day leadership of the Company and will also join Citi Trends’ Board of Directors. He will succeed Peter Sachse, who has served as Interim CEO since December 9, 2019.
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.
“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,” said Brian Carney Chairman of the Board.
“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%,” he added.
Carney 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.”
David Makuen commented, “I am incredibly excited about the opportunity to join the Citi Trends team. Citi Trends’ unique value proposition servicing the complete apparel, accessories and home goods needs of African American consumers provides a significant platform for growth. I look forward to working alongside Peter Sachse and the talented team at Citi Trends as we set our sights on growing into a $1.0 billion brand.”
Peter Sachse commented, “I am extremely excited to have David on board as our CEO and I fully intend to remain actively involved in the execution of the business. I am confident we have the right leadership in place and firmly believe Citi Trends is poised to achieve its 3-year strategic plan. It has been my distinct pleasure and honor as Interim CEO to work alongside the talented and dedicated Citi Trends team.”
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel, accessories and home goods for the entire family. The Company operates 571 stores located in 33 states.
For more information: https://www.cititrends.com
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