CHARLOTTE, N.C., Jan. 4, 2022 /PRNewswire/ -- The Cato Corporation
(NYSE: CATO) announced today that John R.
Howe, its Executive Vice President and Chief Financial
Officer and the Company's principal financial officer, plans to
retire from these roles effective January
17, 2022 following 35 years of service with the
Company. Mr. Howe will remain employed with the Company
through May 1, 2022 to assist with
the transition.
Chuck Knight will succeed Mr.
Howe as Executive Vice President and Chief Financial Officer
effective January 17, 2022. Mr.
Knight joins the Company following previous service with The
Vitamin Shoppe, first as Senior Vice President, Chief Accounting
Officer, and then as Executive Vice President, Chief Financial
Officer. Prior to that, Mr. Knight served as Senior Vice
President, Corporate Controller for Toys "R" Us.
"I'd like to sincerely thank John
Howe for his many contributions to Cato over the last 35
years, including the last 13 as CFO and in numerous positions with
our finance team during his career with the Company. His
steady hand and effective leadership have enabled the Company to
soundly finance its operations and growth over the years," said
John P.D. Cato, Chairman, President
and Chief Executive Officer. "He has been a true partner to
me, and we wish John well in his retirement," Mr. Cato added.
"We are excited to welcome Chuck
Knight to the Cato executive leadership team," said Mr.
Cato. "We believe the extensive experience that Chuck brings
to Cato will make him a valuable asset to the organization."
The Cato Corporation is a leading specialty retailer of
value-priced fashion apparel and accessories operating three
concepts, "Cato," "Versona" and "It's Fashion." The Company's
Cato stores offer exclusive merchandise with fashion and quality
comparable to mall specialty stores at low prices every day.
The Company also offers exclusive merchandise found in its Cato
stores at www.catofashions.com. Versona is a unique
fashion destination offering apparel and accessories including
jewelry, handbags and shoes at exceptional prices every day.
Select Versona merchandise can also be found
at www.shopversona.com. It's Fashion offers fashion with
a focus on the latest trendy styles for the entire family at low
prices every day.
Statements in this press release that express a belief,
expectation or intention, as well as those that are not a
historical fact, are considered "forward-looking" within the
meaning of The Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on current
expectations that are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those contemplated by the forward-looking
statements. Such factors include, but are not limited to, any
actual or perceived deterioration in the conditions that drive
consumer confidence and spending, including, but not limited to,
prevailing social, economic, political and public health conditions
and uncertainties, levels of unemployment, fuel, energy and food
costs, wage rates, tax rates, interest rates, home values, consumer
net worth and the availability of credit; changes in laws,
regulations or government policies affecting our business including
but not limited to tariffs; uncertainties regarding the impact of
any governmental actions regarding, or responses to, to the
foregoing conditions; competitive factors and pricing pressures;
our ability to predict and respond to rapidly changing fashion
trends and consumer demands; our ability to successfully implement
our new store development strategy to increase new store openings
and the ability of any such new stores to grow and perform as
expected; adverse weather, public health threats (including the
global coronavirus (COVID-19) pandemic) or similar conditions that
may affect our sales or operations; inventory risks due to shifts
in market demand, including the ability to liquidate excess
inventory at anticipated margins; and other factors discussed under
"Risk Factors" in Part I, Item 1A of the Company's most
recently filed annual report on Form 10-K and in other reports the
Company files with or furnishes to the SEC from time to
time. The Company does not undertake to publicly update or
revise the forward-looking statements even if experience or future
changes make it clear that the projected results expressed or
implied therein will not be realized. The Company is not
responsible for any changes made to this press release by wire or
Internet services.
View original
content:https://www.prnewswire.com/news-releases/the-cato-corporation-announces-cfo-transition-plans-301453974.html
SOURCE The Cato Corporation
