Carter’s, a leading North American retailer, has announced the retirement of Michael D. Casey as Chairman and CEO after more than 15 years in the role and over three decades with the company.
Richard F. Westenberger, currently Senior Executive Vice President, Chief Financial Officer, and Chief Operating Officer, has been appointed interim CEO while continuing his existing duties.
The company reaffirmed its fiscal 2024 forecast, projecting net sales of $2.785 billion to $2.825 billion, adjusted operating income of $240 million to $260 million, and adjusted diluted EPS between $4.70 and $5.15.
“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 William J. Montgoris, the newly appointed Non-Executive Chairman of the board. Montgoris previously served as Carter’s Lead Independent Director.
Casey will continue as an adviser until 28 February 2025 to support the leadership transition. The board has initiated a search for a permanent CEO, with Egon Zehnder engaged to assist in the process.
“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 in the young children’s apparel market in the years ahead,” said Casey.
Carter‘s is a leading American designer and retailer of children’s apparel, established in 1865 by William Carter. The company sells its products through its Carter’s and OshKosh B’gosh retail stores, it’s website, and other outlets, including department stores.
Carter’s is actively pursuing sustainability through initiatives such as incorporating eco-friendly materials like organic cotton and recycled fibres into its products and partnering with suppliers who uphold rigorous environmental and social standards to ensure ethical manufacturing practices. The company is also committed to reducing packaging waste by using recycled and recyclable materials as well as optimising packaging designs. Additionally, Carter’s promotes recycling programmes to encourage consumers to responsibly dispose of old clothing and packaging, fostering a circular economy. These efforts underscore the company’s dedication to reducing its environmental footprint and building a more sustainable future.
