Citi Trends Announces Leadership Changes
March 13 2015 - 5:50AM
Business Wire
Ed Anderson retires as CEO and moves to
Executive Chairman
Jason Mazzola promoted to President and
CEO
Bruce Smith promoted to COO
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. CTRN-G
Forward-Looking
Statements
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 otherwise.
Citi Trends, Inc.Bruce Smith, 912-443-2075Chief Financial
OfficerorEd Anderson, 912-443-3705Chairman & Chief Executive
Officer
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