US retailer Carter's undergoes leadership changes as CEO retires

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.”

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ALCHEMPro News Desk (RM)