Citi Trends, Inc. (CTRN) has announced the resignation of David Makuen from his roles as Chief Executive Officer and Board Member. Effective June 2, 2024, Ken Seipel will step in as interim CEO.
To ensure a seamless transition, Makuen will remain as a senior advisor to both the new CEO and the leadership team over the coming weeks.
The company's independent Board members have commenced a search for a permanent CEO and plan to engage a nationally recognized executive search firm for assistance.
Ken Seipel brings significant experience, having formerly served as CEO of West Marine and having spearheaded the transformation at Gabe's, which targets a customer demographic similar to that of Citi Trends.
Additionally, Citi Trends has released its preliminary results for the first quarter of 2024, reporting total sales of $186.3 million, a comparable sales growth of 3.1%, and an EBITDA loss of $0.8 million.
