Carter’s Announces Leadership Transition and Senior Executive Appointments

On January 7, 2025, Carter’s, Inc. (NYSE: CRI), a leading marketer of apparel for babies and young children, revealed significant changes in its executive leadership. The company filed an 8-K report with the Securities and Exchange Commission detailing the following key updates:

Retirement of Michael D. Casey:
– Michael D. Casey, aged 64, retired as Chief Executive Officer and Chairman of the Board effective immediately. Mr. Casey’s departure was stated not to be due to any disagreement regarding company matters.
– Carter’s anticipates finalizing a retirement agreement with Mr. Casey, the terms of which will be disclosed at a later date. He will remain in an advisory role until February 28, 2025, supporting the transition.

Appointment of Richard F. Westenberger as Interim Chief Executive Officer:
– Richard F. Westenberger, age 56, who currently serves as Senior Executive Vice President, Chief Financial Officer, and Chief Operating Officer, took on the role of Interim Chief Executive Officer from January 5, 2025.
– Mr. Westenberger joined Carter’s in 2009 and has held key financial management positions at other firms before his tenure at Carter’s.

Appointment of William J. Montgoris as Non-Executive Chairman of the Board:
– William J. Montgoris, previously the Lead Independent Director, was appointed as the Non-Executive Chairman of the Board effective January 5, 2025, with an annual cash retainer of $150,000.

Issuance of Retention Awards:
– Cash retention awards of $250,000 were issued to specific employees, including Kendra D. Krugman, Julia A. D’Emilio, Jeffrey M. Jenkins, Allison Peterson, Antonio D. Robinson, Raghu Sagi, Karen G. Smith, and Jill A. Wilson. These awards aim to retain talent during the transition period.

Regulation FD Disclosure:
– Regarding the leadership changes, Carter’s issued a press release on January 7, 2025, further elaborating on the transitions and the reaffirmation of FY 2024 financial outlook.

The company reaffirmed its fiscal year 2024 outlook, as previously disclosed in October 2024, and expects to present its fourth-quarter and fiscal year 2024 results in February 2025.

Carter’s, Inc., headquartered in Atlanta, Georgia, owns renowned brands Carter’s and OshKosh B’gosh. The company, through its various brands, holds a prominent position in the young children’s apparel market within North America.

For further information and updates, you can contact Sean McHugh, Vice President, and Treasurer at Carter’s, Inc., at (678) 791-7615 or via email at [email protected].

Please note that the information in this article is based on the excerpt from the 8-K filing submitted by Carter’s, Inc. to the SEC on January 7, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Carter’s’s 8K filing here.

About Carter’s

Carter's, Inc, together with its subsidiaries, designs, sources, and markets branded childrenswear under the Carter's, OshKosh, Skip Hop, Child of Mine, Just One You, Simple Joys, Little Planet, and other brands in the United States and internationally. It operates through three segments: U.S.