The Children’s Place, Inc. named Muhammad Umair as its president and interim CEO. The announcement coincided with the May 21 departure of Jane Elfers from its top executive role.
The youngsters’s apparel retailer noted the changes were effective as of May 20. Within the meantime, the corporate’s board will conduct a seek for a long-term CEO.
The Children’s Place is No. 133 within the Top 1000, Digital Commerce 360’s rating of the biggest North American online retailers. Digital Commerce 360 categorizes The Children’s Place within the Apparel & Accessories category.
The Children’s Place’s CEO transition
Muhammad Umair, president and interim CEO, The Children’s Place | Photo credit: The Children’s Place
“I need to thank the whole team at The Children’s Place for his or her exertions and dedication, and I wish them the perfect of luck,” said Elfers, who held each the president and CEO titles.
The retailer detailed Umair’s latest status in a filing with the U.S. Securities and Exchange Commission. As president and interim CEO, his base salary shall be $650,000. Taking over the roles, his capability on the corporate’s board of directors may also change.
“Because of this of his appointment as President and Interim Chief Executive Officer, Mr. Umair not qualifies as an ‘independent director’ under the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’), and resigned from his positions as a member of the Human Capital & Compensation Committee and the Audit Committee of the Board,” the SEC filing states.
“With respect to compliance with Rule 5604(c)(2) of the Nasdaq Listing Rules, which requires the Company to have an audit committee composed of a minimum of three independent directors, the Company will depend on the cure period as set forth in Rule 5605(c)(4),” the filing continued.
The Children’s Place expects so as to add a brand new independent director in Umair’s place to fill the resulting emptiness “as expeditiously as possible.”
Muhammad Umair’s background
Umair has served on The Children’s Place’s board since Feb. 29, 2024. Previously, he worked as a senior advisor at Origin Funding Partners, specializing in credit, recovery and due diligence. As well as, he served as an investment manager at AMD Holding, based in Riyadh, Saudi Arabia. Other positions included roles at Armacom and Ernst & Young.
“I’m deeply honored and excited to be appointed because the President and Interim CEO of The Children’s Place,” Umair said in a released statement. “I extend my heartfelt gratitude to the Board of Directors for putting its trust and confidence in my leadership. The Children’s Place and our portfolio of brands have a robust connection to our customers, and I stay up for leveraging the numerous opportunities ahead in the youngsters’s apparel retail segment.”
Umair’s international skilled experience includes deploying and managing capital. Going forward, he indicated, he shall be focused on growth as he takes on the brand new responsibilities.
“My focus shall be to foster growth through innovation, deliver exceptional value to our customers and drive returns for shareholders,” he said. “I stay up for collaborating with the Board and our whole team to realize latest heights of success for The Children’s Place.”
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