Citi Trends (CTRN) said Thursday its board has elected Chief Executive Officer Kenneth Seipel as the new board chairman, starting April 2.

Seipel succeeds Peter Sachse, who is retiring from the board on the same date.

The board also appointed David Heath as the lead independent director starting April 2 and will appoint Wesley Calvert and Pamela Edwards as new directors under an agreement between the company and Fund 1 Investments, Citi Trends said.

Price: 21.52, Change: +0.34, Percent Change: +1.58