The Children’s Place President and CEO Jane Elfers has left the company, effective May 20, 2024. Board Director Muhammad Umair has been named President and Interim CEO as the retailer seeks a permanent replacement for Elfers.
Umair, who joined the board in February 2024, was most recently a Senior Advisor for Origin Funding Partners, a global trade finance fund. He also has held senior positions at Armacom and Ernst & Young.
The retailer, which has been struggling financially in recent months, received a $90 million unsecured loan in April 2024 from Mithaq Capital SPC, the venture capital firm that had purchased a majority stake in the company in February 2024. This loan was on top of $168.6 million in funding received from Mithaq since Feb. 29, 2024.
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