David Alexander to be Promoted to CEO
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, Inc.
Bruce Smith, Chief Financial Officer, 912-443-2075
or
Ed
Anderson, Chairman and Chief Executive Officer, 912-443-3705
