David Alexander resigns as President and CEO
Board Chairman Ed Anderson returns as CEO
Jason Mazzola hired as Executive VP and Chief Merchandising
SAVANNAH, Ga.--(BUSINESS WIRE)--
Citi Trends, Inc. (NASDAQ: CTRN) today announced that David Alexander,
who has served as President and CEO since April 2009, has resigned as
President and CEO and as a member of the Board, effective immediately,
to pursue other business opportunities. Ed Anderson, who served as the
Company's CEO from December 2001 through April 2009, and as Chairman of
the Board of Directors since May 2006, has returned as CEO. He will
continue to serve as Chairman of the Board.
The Company also announced that it has hired Jason Mazzola as Executive
Vice President and Chief Merchandising Officer. Mr. Mazzola comes to
Citi Trends from a privately-held internet flash sales company, where he
served as Chief Merchandising Officer. Prior to that, he spent over 12
years at TJX Companies, including three years as General Merchandise
Manager for the A.J Wright Division.
"We appreciate the many contributions that David Alexander made to our
Company," Mr. Anderson said. "We wish him the very best in his future
endeavors. We are very happy that Jason is joining our team to lead our
merchandising and marketing efforts. I believe that his background and
experience are a great fit for our company, and that he will lead our
merchandising team to new high levels of performance. While the economic
and industry environment remain difficult, I am excited to take on the
challenge of leading Citi Trends. With the addition of Jason Mazzola, I
believe that we have the team in place to deliver much improved sales
and earnings. I feel great about our future."
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel
and accessories for the entire family. The Company operates 511 stores
located in 29 states. Citi Trends' website address is www.cititrends.com.
All statements other than historical facts contained in this news
release, including statements regarding our future financial results and
position, business policy and plans and objectives of management for
future operations, are forward-looking statements that are subject to
material risks and uncertainties. The words "believe," "may,"
"could," "plans," "estimate," "continue," "anticipate," "intend,"
"expect" and similar expressions, as they relate to Citi Trends, are
intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not guarantees of
future performance or results and are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified. Actual
results or developments may differ materially from those included in the
forward-looking statements, as a result of various factors which are
discussed in Citi Trends, Inc. filings with the Securities and Exchange
Commission. Forward-looking statements contained herein speak
only as of the date of this press release. Except as required by
applicable law, including the securities laws of the United States and
the rules and regulations of the Securities and Exchange Commission,
Citi Trends does not undertake to publicly update any forward-looking
statements in this news release or with respect to matters described
herein, whether as a result of any new information, future events or
Citi Trends, Inc.
Bruce Smith, 912-443-2075
Ed Anderson, 912-443-3705
Source: Citi Trends, Inc.
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