Value retailer Citi Trends names new CEO
Citi Trends has ended its search for a new chief executive.
The value retailer of apparel, accessories and home goods appointed Kenneth (Ken) Seipel as CEO, effective Nov. 18. Seipel has been serving as interim chief of Citi Trends since June 1, following the departure of David Makuen. The leadership change came as Citi Trends, which serves primarily African American and multicultural families, was looking to return to profitability after a rocky year.
In addition, Peter Sachse, current executive chairman of the Citi Trends board, has been appointed chairman of the board.
Seipel, who joined Citi Trends board in 2019, previously served as the CEO of West Marine, from 2018 to 2021, where he led a highly successful business turn around leading to a highly successful transaction, Citi Trends said in a release. Prior to that, he was CEO of off-price retailer Gabe’s, from 2013 to 2017.
Seipel's retail experience also includes executive roles in merchandise and operations at major public companies, including Wet Seal, Old Navy, Target and J.C. Penney.
“In a short period of time, Ken has improved the company’s business performance and is laying the groundwork for long term shareholder value creation,” said Sachse. “Ken’s deep retail experience and his strong track record of leading significant value creation as CEO in past companies gives us confidence that he will develop and execute Citi Trends’ long term strategic plan to more than triple our company value.”
Along with announcing the CEO appointment, Citi Trends also announced preliminary third quarter results that included a comparable store sales increase of 5.7%.
“Citi Trends is an exciting growth opportunity,” said Seipel. “The company is uniquely positioned with nearly 600 stores serving our core African American customers in their neighborhoods, creating a defensible moat against competition. We are fortunate to have a loyal and frequent base of shoppers who have quickly responded to our improved product strategies, including exceptional prices on branded product.”
Citi Trends operates 592 stores located in 33 states.
