Citi Trends CEO Makuen Resigns, Appoints Seipel Interim CEO

(RTTNews) - Citi Trends, Inc. (CTRN) announced that David Makuen has resigned as chief executive officer and a member of the Board. Ken Seipel has been appointed as the interim CEO, effective June 2, 2024.

Makuen will serve as senior advisor to the CEO and the leadership team in the coming weeks to facilitate a smooth transition.

The company's independent Board members are beginning the search for a new permanent CEO. They intend to engage a nationally recognized executive search firm to assist in the process.

Ken has prior experience as the CEO of West Marine and has led the transformation at Gabe's, which caters to similar customer demographics as Citi Trends.

Additionally, the Company announced its Preliminary First Quarter 2024 Results, including Total Sales of $186.3 million, Comparable Sales Growth of 3.1%, and an EBITDA Loss of $0.8 million.