The Children’s Place, Inc. (Nasdaq: PLCE), the
largest pure-play children’s specialty apparel retailer in North
America, today announced the appointment of Maegan Markee to the
new role of Brand President, the promotion of Sheamus Toal as the
Company’s Chief Operating Officer and Chief Financial Officer, and
the hiring of Mary Beth Sheridan as the Company’s Chief Merchant,
all effective immediately.
Jane Elfers, President and Chief Executive Officer said, “I am
thrilled to announce the promotions and expanded scope for Maegan
and Sheamus and to welcome Mary Beth to our team. I am looking
forward to partnering with Maegan, Sheamus and Mary Beth to advance
our top and bottom line growth initiatives as we work together to
ensure that a digital-first mindset remains at the forefront of the
Company’s decision-making. With our industry-leading digital
penetration, it is imperative that our entire team stays laser
focused on digital growth.”
In the new role of Brand President, Ms. Markee will have
oversight for all customer facing activities across the Company’s
Family of Brands and will continue to report to Ms. Elfers. Ms.
Markee will have oversight for Design, Sourcing, Merchandising,
Marketing, Planning, Allocation and the Company’s Wholesale and
International businesses.
Ms. Elfers commented, “Maegan architected the Company’s
marketing transformation and played an integral part in
accelerating our transformation to a digital-first Company and
implementing our Amazon marketplace strategy. Maegan’s deep digital
expertise and her cross-functional leadership throughout the
Company’s strategic transformation makes her the ideal executive to
lead the growth of our brands.”
In the expanded role of Chief Operating Officer and Chief
Financial Officer, Mr. Toal will continue to report to Ms. Elfers
and will have oversight for IT, Logistics, Distribution and Store
Operations, in addition to his current responsibilities for
Finance, Accounting, Investor Relations, Real Estate and
Legal.
Ms. Elfers continued, “Sheamus has been a key contributor since
the day he joined our team. Sheamus has a very strong appreciation
for our digital transformation, and he is focused on the
significant opportunities now available to us to continue to
optimize our expense structure and our store fleet, and to
streamline our operations as we continue to execute our
transformation. Sheamus’ extensive specialty retail operating
experience makes him particularly well suited to take on these
additional operating responsibilities and the combination of
finance and operational oversight under one leader provides
important synergies as we transform to a more agile and nimble
digital-first model.”
In the new role of Chief Merchant, Mary Beth Sheridan will have
direct responsibility for Merchandising, Sourcing, Planning and
Allocation and will report to Ms. Markee.
Ms. Elfers concluded, “I have worked with Mary Beth previously,
and am confident that she has the experience and skill set
necessary to quickly identify growth opportunities on both the top
and bottom lines and to develop collaborative, cross-functional
strategies to achieve them. Marybeth’s results-driven mindset will
help us continue to build momentum with our millennial and Gen Z
customers.”
Executive BiosMs. Markee has been with the
Company for over 13 years, holding executive positions of
increasing responsibility. She graduated with a Bachelor of Science
in Marketing from Quinnipiac University.
Mr. Toal joined The Children’s Place in October 2022 and
previously spent over 16 years with New York & Company where he
held several senior level finance and operational positions as
Chief Operating Officer, Chief Financial Officer, Chief Accounting
Officer and Treasurer, culminating in his role as Chief Executive
Officer from 2020-2021. He graduated Magna Cum Laude with a
Bachelor of Science in Accounting from St. John’s University and is
a Certified Public Accountant.
Ms. Sheridan was most recently a Chief Merchandising Officer at
Anthropologie from September 2020 to February 2023. Prior to that
she was with Macy’s for over seven years in executive roles,
culminating as Group Vice President, Merchandising, Digital,
Product Development and Design. Ms. Sheridan also spent over 20
years with Lord & Taylor where she held executive roles of
increasing responsibility, including as Senior Vice President, GMM
of Menswear and Childrenswear. She graduated Magna Cum Laude with a
Bachelor of Science in Business Administration from the Boston
College Carroll School of Management.
About The Children’s PlaceThe Children’s Place
is the largest pure-play children’s specialty apparel retailer in
North America. The Company designs, contracts to manufacture, sells
at retail and wholesale, and licenses to sell fashionable,
high-quality merchandise predominantly at value prices, primarily
under the proprietary “The Children’s Place”, “Place”, “Baby
Place”, “Gymboree”, “Sugar & Jade” and “PJ Place” brand names.
The Company has online stores at www.childrensplace.com,
www.gymboree.com, www.sugarandjade.com and www.pjplace.com and, as
of April 29, 2023, the Company had 599 stores in the United States,
Canada, and Puerto Rico and the Company’s five international
franchise partners had 212 international points of distribution in
15 countries.
Forward-Looking StatementsThis
press release contains or may contain forward-looking statements
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to statements relating to the Company’s strategic initiatives and
results of operations, including adjusted net income (loss) per
diluted share. Forward-looking statements typically are identified
by use of terms such as “may,” “will,” “should,” “plan,” “project,”
“expect,” “anticipate,” “estimate” and similar words, although some
forward-looking statements are expressed differently. These
forward-looking statements are based upon the Company’s current
expectations and assumptions and are subject to various risks and
uncertainties that could cause actual results and performance to
differ materially. Some of these risks and uncertainties are
described in the Company’s filings with the Securities and Exchange
Commission, including in the “Risk Factors” section of its annual
report on Form 10-K for the fiscal year ended January 28, 2023.
Included among the risks and uncertainties that could cause actual
results and performance to differ materially are the risk that the
Company will be unsuccessful in gauging fashion trends and changing
consumer preferences, the risks resulting from the highly
competitive nature of the Company’s business and its dependence on
consumer spending patterns, which may be affected by changes in
economic conditions (including inflation), the risks related to the
COVID-19 pandemic, including the impact of the COVID-19 pandemic on
our business or the economy in general, the risk that the Company’s
strategic initiatives to increase sales and margin are delayed or
do not result in anticipated improvements, the risk of delays,
interruptions, disruptions and higher costs in the Company’s global
supply chain, including resulting from COVID-19 or other disease
outbreaks, foreign sources of supply in less developed countries,
more politically unstable countries, or countries where vendors
fail to comply with industry standards or ethical business
practices, including the use of forced, indentured or child labor,
the risk that the cost of raw materials or energy prices will
increase beyond current expectations or that the Company is unable
to offset cost increases through value engineering or price
increases, various types of litigation, including class action
litigations brought under consumer protection, employment, and
privacy and information security laws and regulations, the
imposition of regulations affecting the importation of
foreign-produced merchandise, including duties and tariffs, and the
uncertainty of weather patterns. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date they were made. The Company undertakes no
obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Contact: Investor Relations (201)
558-2400 ext. 14500
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