Carter's, Inc. Embarks on New Leadership Journey
Carter’s, Inc. (NYSE: CRI), the leading branded marketer of children's apparel, is undergoing a significant leadership transition as Michael D. Casey steps down from his roles as Chairman and Chief Executive Officer. With over 15 years at the helm and more than 30 years of service to the Company, Mr. Casey's impact on the organization has been profound.
Introducing Interim Leadership
Richard F. Westenberger, who has been part of the Carter's family since 2009, will assume the role of interim Chief Executive Officer. He currently serves as the Senior Executive Vice President and Chief Financial Officer & Chief Operating Officer. Since his promotion in March 2024, Mr. Westenberger has demonstrated remarkable leadership skills and financial acumen necessary for guiding the Company through this transition.
Role of the Non-Executive Chairman
Alongside Mr. Westenberger, William J. Montgoris has taken up the position of Non-Executive Chairman of the Board of Directors. His oversight will be vital during this critical period as the Company cultivates its future direction.
Supporting a Smooth Transition
As part of the transition, Mr. Casey will remain with the Company in an advisory capacity until February 28, 2025. His guidance is aimed at ensuring a seamless progression of leadership, while the Board actively searches for a new CEO with external candidates in mind.
Gratitude for Michael D. Casey
In a submitted statement, Mr. Montgoris expressed heartfelt gratitude for Mr. Casey’s extensive contributions over the years. He highlighted that under Mr. Casey’s leadership, Carter's has solidified its standing as a top contender in the children's apparel market and expanded its brand footprint significantly. The transition aims to harness this strong foundation while searching for a leader equipped to drive further growth.
A Bright Future Ahead
Mr. Casey reflected on his journey with Carter’s, stating, “It has been the honor of my career to lead Carter’s alongside our talented and dedicated team.” His commitment to developing strong brands and a robust multi-channel distribution model has set a vibrant course for the Company moving forward. With Mr. Casey’s departure, the outlook for Carter's remains optimistic, focusing on fortifying their leadership in the children’s apparel sector.
Carter's Financial Outlook Reconfirmed
Despite the leadership change, Carter’s, Inc. reaffirms its expected financial performance for the fiscal year 2024. Anticipated results for the fourth quarter and full fiscal year are set for release in February, providing the market with insight into the Company’s continued growth trajectory.
About Carter’s, Inc.
Carter’s, Inc. is the premier branded marketer in North America specializing in apparel for babies and young children. The Company’s well-known brands, including Carter’s and OshKosh B’gosh, are available across a diverse range of retail outlets, with over 1,000 company-operated stores across different countries. Additionally, their products are widely available online, making them accessible to a broad audience.
Commitment to Customers and Quality
As the largest supplier of children’s apparel to major retailers in North America, Carter’s continues to set the standards for quality and trust. Their dedication to sustainable practices can be seen through brands like Little Planet, which focuses on organic materials, showcasing the Company’s commitment to producing safe and environmentally friendly products for children.
Frequently Asked Questions
What is the reason behind the leadership transition at Carter’s?
The leadership transition at Carter’s, Inc. is due to Michael D. Casey's retirement after over 30 years with the Company. This change is part of the strategic evolution as the Company seeks new leadership.
Who is the new interim CEO of Carter's, Inc.?
Richard F. Westenberger has been appointed as the interim Chief Executive Officer while continuing his roles as Senior Executive Vice President, CFO, and COO.
What is the role of William J. Montgoris in this transition?
William J. Montgoris has been named the Non-Executive Chairman of the Board of Directors, overseeing the leadership transition process.
What happens to Mr. Casey after his retirement?
After retiring, Mr. Casey will continue to support the Company in an advisory capacity until February 28, 2025, to help facilitate a smooth transition.
What are the expected financial results for Carter's in 2024?
Carter’s, Inc. reaffirms its previously disclosed financial outlook for the fiscal year 2024, with specific results set to be reported in February.
