The Children’s Place, Inc. named Muhammad Umair as its president and interim CEO. The announcement coincided with the May 21 departure of Jane Elfers from its top executive role.

The children’s apparel retailer noted the changes were effective as of May 20. In the meantime, the company’s board will conduct a search for a long-term CEO.

The Children’s Place is No. 133 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers. Digital Commerce 360 categorizes The Children’s Place in the Apparel & Accessories category.

The Children’s Place’s CEO transition

Muhammad Umair, president and interim CEO, The Children’s Place | Photo credit: The Children’s Place

“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,” said Elfers, who held both the president and CEO titles.

The retailer detailed Umair’s new status in a filing with the U.S. Securities and Exchange Commission. As president and interim CEO, his base salary will be $650,000. Taking on the roles, his capacity on the company’s board of directors will also change.

“As a result of his appointment as President and Interim Chief Executive Officer, Mr. Umair no longer qualifies as an ‘independent director’ under the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’), and resigned from his positions as a member of the Human Capital & Compensation Committee and the Audit Committee of the Board,” the SEC filing states.

“With respect to compliance with Rule 5604(c)(2) of the Nasdaq Listing Rules, which requires the Company to have an audit committee composed of at least three independent directors, the Company will rely on the cure period as set forth in Rule 5605(c)(4),” the filing continued.

The Children’s Place expects to add a new independent director in Umair’s place to fill the resulting vacancy “as expeditiously as possible.”

Muhammad Umair’s background

Umair has served on The Children’s Place’s board since Feb. 29, 2024. Previously, he worked as a senior advisor at Origin Funding Partners, focusing on credit, recovery and due diligence. In addition, he served as an investment manager at AMD Holding, based in Riyadh, Saudi Arabia. Other positions included roles at Armacom and Ernst & Young.

“I am deeply honored and excited to be appointed as the President and Interim CEO of The Children’s Place,” Umair said in a released statement. “I extend my heartfelt gratitude to the Board of Directors for putting its trust and confidence in my leadership. The Children’s Place and our portfolio of brands have a strong connection to our customers, and I look forward to leveraging the many opportunities ahead in the children’s apparel retail segment.”

Umair’s international professional experience includes deploying and managing capital. Going forward, he indicated, he will be focused on growth as he takes on the new responsibilities.

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

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