Carter’s, Inc. (NYSE: CRI), the largest branded marketer in North America of apparel exclusively for babies and young children, today announced that Michael D. Casey will retire as Chairman and Chief Executive Officer after over 15 years in the role and a more than 30-year career with the Company.
Richard F. Westenberger has been appointed interim Chief Executive Officer, in addition to his responsibilities as Senior Executive Vice President, Chief Financial Officer & Chief Operating Officer. He joined the Company in 2009 as Executive Vice President & Chief Financial Officer, and was appointed Senior Executive Vice President, Chief Financial Officer & Chief Operating Officer in March 2024.
William J. Montgoris, Lead Independent Director, has been appointed Non-Executive Chairman of the Board of Directors.
Mr. Casey’s retirement, and the appointments of Mr. Westenberger and Mr. Montgoris, are effective immediately.
Mr. Casey will serve in an advisory capacity until February 28, 2025 to help support the leadership transition. The Board has initiated a comprehensive search process to identify a new CEO and has retained Egon Zehnder to assist. The search is focused exclusively on external candidates.
“On behalf of the Board, I want to express our deepest gratitude to Mike for his dedication, leadership, and numerous contributions over his three decades at the Company,” said Mr. Montgoris. “During his tenure, the Company has strengthened its position as the market leader in young children’s apparel and has grown significantly through the creation of new brands and new channels of distribution including retail stores, eCommerce, and our international businesses. We look forward to identifying our next CEO who can build on this strong foundation and deliver a new chapter of growth and value creation for Carter’s.”
Mr. Casey commented, “It has been the honor of my career to lead Carter’s alongside our talented and dedicated team. Together, we have built the strongest and most trusted brands in young children’s apparel, grown our unique multi-channel business model, and strengthened our marketing and operational capabilities. As we enter a new year, I believe it is the right time for me to retire and for the Company to identify its next leader. Carter’s is in good hands and well-positioned to strengthen its leadership of the young children’s apparel market in the years ahead.”
Company Reaffirms Previously Disclosed Financial Outlook
Subject to completion of its customary year-end financial processes and external audit, the Company reaffirms its outlook for fiscal year 2024, on an adjusted basis, as previously disclosed on October 25, 2024. The Company expects to provide fourth quarter and fiscal year 2024 results in February.