Citi Trends CEO Makuen steps down; preliminary Q1 EBITDA loss $0.8M, comps up 3.1%

Citi Trends Inc

David Makuen stepped down as CEO and Board member effective June 1, 2024; serves as Senior Advisor through Aug 3, 2024.
Ken Seipel appointed Interim CEO effective June 2, 2024; base salary $725K, starting bonus $70K, $400K stock award.
Preliminary Q1 total sales $186.3M, same-store sales +3.1%, EBITDA loss $0.8M.
Board initiates search for permanent CEO; Seipel will be considered alongside external candidates.
Separation agreement with Makuen provides severance per existing agreement; no disagreement cited.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed (interim)

David N. Makuen

Chief Executive Officer

CTRN · Citi Trends Inc

Effective: 2024-06-01
Successor: Kenneth D. Seipel
Filed: May 31, 2024, 7:59 PM ET

On May 29, 2024, the Board determined that David N. Makuen would transition from the role of Chief Executive Officer, effective June 1, 2024.

Appointed (interim)

Kenneth D. Seipel

Interim Chief Executive Officer

CTRN · Citi Trends Inc

Effective: 2024-06-02
Filed: May 31, 2024, 7:59 PM ET

appointed Kenneth D. Seipel, a current member of the Board, to the position of Interim Chief Executive Officer, effective as of June 2, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

David N. Makuen resigned as Chief Executive Officer at Citi Trends Inc.

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

On May 29, 2024, the Board determined that David N. Makuen would transition from the role of Chief Executive Officer, effective June 1, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Kenneth D. Seipel was appointed as Interim Chief Executive Officer at Citi Trends Inc.

Action: appointed
Role: Interim Chief Executive Officer

Exact text from the filing

appointed Kenneth D. Seipel, a current member of the Board, to the position of Interim Chief Executive Officer, effective as of June 2, 2024.

View on SEC.gov

Citi Trends Inc filing history →

Source: SEC EDGAR

accession 0001104659-24-066928

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