Children's Place Longtime CEO Jane Elfers to Depart After Takeover

Dow Jones05-22

By Ben Glickman

Children's Place's Chief Executive Jane Elfers will leave the company, marking a major shakeup for the struggling retailer after its takeover by Saudi investment firm Mithaq Capital.

The Secaucus, N.J.-based children's retailer has been led by Elfers since January 2010. She will be succeeded on an interim basis by Muhammad Umair, who joined the company's board in February shortly after Mithaq took a majority stake.

Children's Place said in a regulatory filing that Elfers would receive a $3.75 million separation payment.

Umair, 38, has previously worked as senior adviser for global trade finance fund Origin Funding Partners and as an investment manager at AMD Holdings.

Children's Place disclosed Mithaq's 54% stake in February as it faced lackluster sales and dwindling cash reserves. The company secured multiple loans shortly after the takeover.

The company said its board was committed to a seamless transition as it looks for a permanent CEO.

Children's Place noted in the filing that Elfers had also waived her rights to outstanding restricted stock units and any other compensation and benefits under her employment agreement.

Umair will receive an annual base salary of $650,000 as interim CEO and will be eligible for annual and long-term incentives.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 21, 2024 13:13 ET (17:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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