Citi Trends promotes chief merchant to CEO as Q4 tops view

Savannah, Ga. -- Citi Trends Inc. on Friday announced a change in leadership as its reported fourth quarter results that topped forecasts. The urban apparel retailer said that Ed Anderson is retiring as CEO, effective March 21, with Jason Mazzola, currently executive VP and chief merchandising officer, becoming president CEO effective March 22, and being appointed to the board of directors, effective immediately.



Additionally, Bruce Smith, executive VP and CFO, will also become its COO.



In a statement, Anderson said, “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.”



Also on Friday, Citi Trends reported fiscal fourth-quarter net income of $4.7 million. The clothing and accessories retailer had revenue of $181.1 million in the period.



For the full year, the company reported profit of $9 million, and revenue of $670.8 million.