Longtime Children’s Place CEO Elfers departs under ‘mutual agreement’

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Children’s Place Inc. on Tuesday said longtime CEO Jane Elfers has left the company under a “mutual agreement.”

Muhammad Umair, who was appointed to the company’s board of directors three months ago, was named interim CEO, effective Monday.

“I want to thank the entire team at the Children’s Place for their hard work and dedication, and I wish them the best of luck,” Elfers said.

In his capacity as director, Umair has been immersed in the company’s portfolio of brands, retail and wholesale network and strategy to deliver great products and shopping experiences to its customers, including meeting with the leadership team and employees at the company’s stores and distribution facilities, and engaging with its network of suppliers and partners.

“My focus will be to foster growth through innovation, deliver exceptional value to our customers and drive returns for shareholders. I look forward to collaborating with the board and our whole team to achieve new heights of success for the Children’s Place,” Umair said.

Prior to his appointment as interim CEO and president of the company, Umair was a senior adviser for Origin Funding Partners, a global trade finance fund, where he was responsible for credit, recovery and due diligence. Prior to joining Origin, Umair held positions in various organizations, including head of advisory at Armacom and senior auditor at Ernst & Young. He is a Chartered Accountant and associate member of the Institute of Chartered Accountants of Pakistan and the Institute of Chartered Accountants in England and Wales. Umair is a seasoned professional with over 17 years of extensive experience in financial and investment management. His range of expertise spans raising, deploying and managing capital across multiple sectors in various countries. His experience also includes corporate advisory, operational and financial due diligence, and audit.