Citi Trends, Inc. Announces Board Transition, Finance Committee Leadership Update, and Extension of Cooperation Agreement with Fund 1
Citi Trends, Inc. a leading off-price value retailer of apparel, accessories and home trends primarily for Black families in the United States, today announced a series of governance and shareholder-related updates, including a Board transition, Finance Committee leadership change, and the extension of its cooperation agreement with Fund 1 Investments, LLC (“Fund 1”).
The Company announced that Wes Calvert has departed from the Company’s Board of Directors effective February 19, 2026, following his distinguished service on the Board, including his role as Chair of the Finance Committee. Concurrently, the Board has appointed Benjamin Faw as a new independent director, effective February 19, 2026. Mr. Faw will assume the role of Chair of the Finance Committee upon his appointment.
Mr. Calvert served on the CITITRENDS Board this past year, providing strong financial oversight, disciplined capital allocation guidance, and steady leadership as the Company strengthened its operating model and long-term financial framework. As Chair of the Finance Committee, he played an instrumental role in enhancing financial rigor, long-range planning discipline, and shareholder value creation.
Wes has been a trusted partner to management, particularly during a period where financial discipline and thoughtful capital allocation were critical to CITITRENDS’ progress,” said Ken Seipel, Chairman and Chief Executive Officer. “On behalf of the CITITRENDS Board and leadership team, I want to thank Wes for his leadership and lasting contributions to the Company and our shareholders.
Reflecting on his service, Mr. Calvert said, “It has been a privilege to serve on the CITITRENDS Board and to chair the Finance Committee during an important phase of the Company’s evolution. I have great confidence in the leadership team, the strategy underway, and the Company’s long-term prospects.”
Mr. Faw brings extensive experience across the digital, technology, and investment landscape, along with a strong track record as a successful private investor. His background includes deep expertise in value creation across consumer-facing businesses.
We are excited to welcome Benjamin to the Board and to have him assume leadership of our Finance Committee,” continued Seipel. “His digital expertise, investor mindset, and disciplined approach to capital allocation align well with CITITRENDS’ continued modernization and long-term growth strategy.”
Mr. Faw added, “I am honored to join the CITITRENDS Board at such a pivotal time. I look forward to working closely with the Board and management team to support financial discipline, strategic execution, and long-term shareholder value creation.”
In addition, CITITRENDS announced that it has exercised its right to extend its cooperation agreement with Fund 1, including the standstill provisions, for an additional one-year term, reflecting continued alignment and constructive engagement with the Company’s shareholders.
We appreciate the ongoing dialogue and engagement with Fund 1 and view the extension of the cooperation agreement as a positive step that reflects confidence in our strategy, governance, and execution,” said Mr. Seipel.
Jonathan Lennon, Founder and Managing Partner of Fund 1, commented, “We appreciate the strong work of CITITRENDS’ management team and Board, and remain confident in the Company’s leadership and strategic direction, and its ability to create long-term value for shareholders.”
Following these updates, the CITITRENDS Board will consist of 8 directors, 7 of whom are independent.
About Citi Trends, Inc.
Citi Trends, Inc. is a leading off-price value retailer of apparel, accessories, and home trends primarily for Black families in the United States. The Company operates 590 stores located in 33 states.
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