Carter’s, Inc. has announced a significant leadership transition as Michael D. Casey, the Chairman and Chief Executive Officer, is set to retire after over 15 years in the role and a career spanning more than 30 years with the company. In his place, Richard F. Westenberger has been appointed as the interim Chief Executive Officer, in addition to his existing roles as Senior Executive Vice President, Chief Financial Officer, and Chief Operating Officer.
William J. Montgoris, the lead independent director, has been appointed as the non-executive chairman of the board of directors. These changes are effective immediately, with Casey set to serve in an advisory capacity until February 28, 2025, to aid in the transition. The board has initiated a comprehensive search for a new CEO, focusing exclusively on external candidates and has retained Egon Zehnder to assist in the process.
Despite the leadership changes, the company has reaffirmed its previously disclosed financial outlook for fiscal year 2024, on an adjusted basis, as was originally shared on October 25, 2024. The company expects to provide fourth quarter and fiscal year 2024 results in February.
Carter’s, Inc. is the largest branded marketer in North America of apparel exclusively for babies and young children, owning well-recognized brands such as Carter’s and OshKosh B’gosh. These brands are distributed through over 1,000 company-operated stores in the United States, Canada, and Mexico, as well as online. Additionally, the company's brands are sold in leading department stores, national chains, and specialty retailers domestically and internationally.
This news comes as the company continues to solidify its position as a market leader in young children’s apparel and seeks to deliver a new chapter of growth and value creation, building upon its strong foundation. As a result of these announcements, the company's shares have moved -1.8% on the market, and are now trading at a price of $50.81. For more information, read the company's full 8-K submission here.
