- After around 14 years in the position
- Thanks and good wishes for Elfers
- Muhammad Umair taking over temporarily
- Search for a successor
- Elfers kept it short and said 25 words
(exechange) — Secaucus, New Jersey, May 21, 2024 — Jane Elfers, chief executive of Children’s Place, leaves her position — “pursuant to a mutual agreement.” As announced by Children’s Place Inc. in a news release and in a regulatory filing published on Tuesday, May 21, 2024, Jane T. Elfers has left her post as chief executive officer at the children’s apparel retailer, after around 14 years in the role, effective May 20, 2024.
Generally speaking, it raises questions when a CEO leaves her post abruptly.
Children’s Place will undertake a search for a successor.
Jane Elfers’s duties as CEO will be taken over temporarily by Muhammad Umair, previously Senior Advisor at Origin Funding Partners, as Interim Chief Executive Officer.
It is a generational change. Muhammad Umair is about 25 years younger than Jane Elfers.
Already a director
Umair has already been a member of the board of directors of Children’s Place. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Umair understands the expectations and dynamics of the board and has knowledge of Children’s Place’s organization, risk-management practices and strategy.
“Foster growth through innovation”
Children’s Place did not give an explicit reason for Jane Elfers’s departure from the CEO post. Umair stated: “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.”
Precise information regarding Jane Elfers’s future plans was not immediately available.
“Departure”
Children’s Place said: “The Children’s Place, Inc. …, 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.”
Children’s Place further said: “Mr. Umair succeeds Jane T. Elfers, who departed as President and Chief Executive Officer of the Company and as a member of the Board pursuant to a mutual agreement with the Company, effective as of the Effective Date [May 20, 2024].”
Share price decline since May 2019
The announcement follows a decline in Children’s Place Inc.’s share price of 88% since May 2019.
In the position of CEO since 2010
Jane Elfers became CEO of the Company in 2010.
Elfers became the Company’s President and Chief Executive Officer in January 2010.
Elfers formerly served as President and Chief Executive Officer of Lord & Taylor from May 2000 to September 2008.
She is a graduate of Bucknell University where she received a degree in Business Administration.
25 words by Jane Elfers
In the release announcing her departure as CEO of Children’s Place Inc., Jane Elfers received thanks and good wishes.
In the release announcing her departure as CEO, Jane Elfers kept it short and said 25 words.
“I wish them the best of luck”
Jane Elfers stated: “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.”
The above text is an excerpt from the exechange report 22.2024 ($), publication date May 27, 2024.