Carter’s announces retirement of Michael Casey, reaffirms outlook

North American retailer Carter’s has announced the retirement of Michael D. Casey as chairman and chief executive officer after over 15 years in the role and a more than 30-year career with the company.

The company said in a release that Richard F. Westenberger has been appointed interim chief executive officer, in addition to his responsibilities as senior executive vice president, chief financial officer and chief operating officer.

Carter’s also announced that the company continues to expect fiscal 2024 net sales of 2.785 billion dollars to 2.825 billion dollars, adjusted operating income of 240 million dollars to 260 million dollars and adjusted diluted EPS in the range of 4.70 dollars to 5.15 dollars.

“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, lead independent director.

The company added that Montgoris has been appointed non-executive chairman of the board.

Casey will serve in an advisory capacity until February 28, 2025 to help support the leadership transition. The board has initiated a search process to identify a new CEO and has retained Egon Zehnder to assist.

“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 of the young children’s apparel market in the years ahead,” added Casey.