Ed Anderson retires as CEO and moves to Executive Chairman
Jason Mazzola promoted to President and CEO
Bruce Smith promoted to COO
SAVANNAH, Ga.--(BUSINESS WIRE)--
Citi Trends, Inc. (NASDAQ: CTRN) today announced that Ed Anderson is
retiring as CEO, effective March 21, 2015. Jason Mazzola, currently
Executive Vice President and Chief Merchandising Officer, will become
President and Chief Executive Officer effective March 22, 2015 and has
been appointed to the Board of Directors, effective immediately.
Additionally, Bruce Smith, the Company's Executive Vice President and
Chief Financial Officer, will also become its Chief Operating Officer.
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. Mazzola 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.
Mazzola will report directly to him.
Mr. Anderson commented, "When I came back to the Company at the
beginning of 2012, my job was to lead a turnaround of the Company. That
work is largely complete as the Company just reported a very successful
2014 and again is in strong financial condition. The successful
turnaround of Citi Trends could not have been done without Jason
Mazzola. He is an extraordinarily skilled merchant, leader and
executive. He has earned this promotion and he will do well.
"Another key to our turnaround efforts has been the contribution of
Bruce Smith, our CFO. Bruce has proven to be not only an outstanding
CFO, but a well-respected leader. Jason and Bruce have the skills to
lead our company and take it to new heights of success. The Company's
future is in great hands."
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel
and accessories for the entire family. The Company operates 513 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. These risks and uncertainties include, but are not
limited to, uncertainties relating to economic conditions, growth risks,
consumer spending patterns, competition within the industry, competition
in our markets and the ability to anticipate and respond to fashion
trends. Any forward-looking statements by the Company, with
respect to earnings guidance or otherwise, are intended to speak only as
of the date such statements are made. 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
Chairman & Chief
Source: Citi Trends, Inc.
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