Citi Trends announced that its board of directors has appointed Ken Seipel as the company’s interim CEO, effective June 2. In connection with the appointment, David Makuen has stepped down as CEO and a member of the board. To ensure a transition, Makuen will serve as senior advisor to the CEO and the leadership team in the coming weeks. The board’s independent members are commencing a search for a new permanent CEO and plan to retain a nationally recognized executive search firm to support the process. The board will consider external candidates, as well as Seipel, in the CEO search. Citi Trends’ Board includes several independent members with prior experience carrying out successful CEO searches. As a result of this announcement, the board will include eight members and, in line with corporate governance best practices, Seipel will step down from his board committee roles.
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