The Children's Place, Inc. Announces CEO Transition

SECAUCUS, N.J., May 21, 2024 (GLOBE NEWSWIRE) -- The Children’s Place, Inc. (Nasdaq: PLCE), an omni-channel children’s specialty portfolio of brands with an industry-leading digital-first model, today announced the departure of Jane Elfers, President and CEO, and announced the appointment of Muhammad Umair as the new President and Interim CEO, effective May 20, 2024.

The Company thanks Jane for her dedication to the Company and wishes her well in her next chapter. Jane Elfers said, “I want to thank the entire team at The Children’s Place for their hard work and dedication, and I wish them the best of luck.”

Mr. Umair and the Board are focused on continuing to build the Company’s position as a global best-in-class specialty retailer. In his capacity as Director, Mr. Umair has been immersed in the Company’s portfolio of brands, retail and wholesale network, and strategy to deliver great products and shopping experiences to its customers, including meeting with the leadership team and employees at the Company’s stores and distribution facilities, and engaging with its network of suppliers and partners.

The Board is committed to a seamless transition as it conducts a search for a permanent CEO.

Mr. Umair said, “I am deeply honored and excited to be appointed as the President and Interim CEO of The Children’s Place. 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 strong connection to our customers, and I look forward to leveraging the many opportunities ahead in the children’s apparel retail segment.”

Mr. Umair further added, “My focus will be to foster growth through innovation, deliver exceptional value to our customers and drive returns for shareholders. I look forward to collaborating with the Board and our whole team to achieve new heights of success for The Children’s Place.”

Additional details can be found in the Form 8-K to be filed by the Company with the Securities and Exchange Commission.

Muhammad Umair Biography

Mr. Umair joined the Board in February 2024. Prior to his appointment as President and Interim Chief Executive Officer of the Company, Mr. Umair was a Senior Advisor for Origin Funding Partners, a global trade finance fund, where he was responsible for credit, recovery, and due diligence. Prior to joining Origin, Mr. Umair held positions in various organizations, including Head of Advisory at Armacom and Senior Auditor at Ernst & Young. He is a Chartered Accountant and associate member of the Institute of Chartered Accountants of Pakistan and the Institute of Chartered Accountants in England and Wales. Mr. Umair is a seasoned professional with over 17 years of extensive experience in financial and investment management. His range of expertise spans raising, deploying and managing capital across multiple sectors in various countries. His experience also includes corporate advisory, operational and financial due diligence, and audit.