Shoe Carnival Announces Planned CEO Succession

EVANSVILLE, Ind.–(BUSINESS WIRE)–Shoe Carnival a leading retailer of moderately priced footwear and accessories, today announced that its Board of Directors has unanimously elected Mark Worden, the Company’s President and Chief Customer Officer, as its next President and Chief Executive Officer, effective September 30, 2021. Mr. Worden will succeed Cliff Sifford, who will step down as the Company’s Chief Executive Officer effective September 30, 2021 but will continue to serve in the role of Vice Chairman of the Company’s Board of Directors. Mr. Sifford began his career with the Company in 1997 and has served as the Company’s Chief Executive Officer since 2012.

J. Wayne Weaver, Chairman of Shoe Carnival’s Board of Directors since 1988, commented, “Cliff has been an extraordinary leader in the shoe industry for over four decades and at Shoe Carnival for the past 24 years. We cannot express our gratitude and admiration enough. His deep knowledge of the industry and passion for the Company elevated Shoe Carnival to its position as a leader in family footwear and we are grateful for his continued guidance as Vice Chairman.”

Under Mr. Sifford’s leadership, the Company achieved many milestones, including growing revenues to over $1 billion and achieving eleven consecutive years of comparable store sales growth leading into fiscal 2020, and increasing merchandising margins, all while sustaining a disciplined capital management throughout various economic cycles. At the same time, he oversaw the strategic investments in the Company’s industry-leading CRM system and the launch of its e-commerce platform. His commitment to Shoe Carnival’s employees and local communities, customers, and vendors has been instrumental in the Company’s success and has positioned it for long-term growth.

Mr. Weaver continued, “We are thrilled to have Mark assume the role as Chief Executive Officer, and have the utmost confidence in his ability to lead the Shoe Carnival team and deliver strong performance as we enter this new chapter. He and Cliff have worked tirelessly over the last three years to develop an industry-leading management team, and the Board believes they will achieve great things as they work together in their new roles going forward.”

“I would like to thank the Board of Directors and Cliff for their unwavering support and am honored to have the opportunity to lead this great company,” said Mr. Worden. “Over Cliff’s 24 years at Shoe Carnival, he built an organization full of talented, seasoned, customer-centric team members. He has been a great partner to me since I joined the Company in 2018, and I am thrilled to continue our relationship as we transition to new responsibilities. I believe our organization is set up very well to drive long-term shareholder value and gain market share as we execute our strategic growth plans.”

Together, Mr. Sifford and Mr. Worden achieved record sales and profit results in fiscal 2019 and significantly advanced the Company’s strategic priorities in fiscal 2020, despite the impact of the COVID-19 pandemic on the global economy. Shoe Carnival is currently in a position of strength because of their relentless focus on operational excellence.

“When Mark joined Shoe Carnival nearly three years ago, our objective was to bring onboard an executive officer who would be positioned to take over as CEO at the right time. Mark has made tremendous contributions to Shoe Carnival, and I have enjoyed working alongside him over the past several years. I have the greatest confidence in his ability to lead the Company as we embark on this new chapter,” Mr. Sifford said. “His strategic direction, deep knowledge of our customers, digital expertise, and unwavering commitment to our employees makes him the perfect fit for this role. I look forward to watching Shoe Carnival continue to thrive under Mark’s leadership.”

Shoe Carnival today also announced that its Board of Directors has increased its quarterly cash dividend from $0.09 to $0.14 per share, an increase of 56%. This will be effective for the next quarterly cash dividend, which will be paid on April 19, 2021 to shareholders of record as of the close of business on April 5, 2021. The increase reflects the Board of Directors’ confidence in Shoe Carnival’s near-term and longer-term strategy and further underscores its commitment to returning value to shareholders.

Future declarations of dividends are subject to approval of the Board of Directors and will depend on the Company’s results of operations, financial condition, business conditions and other factors deemed relevant by the Board of Directors.

About Mark Worden

Mr. Worden joined the Company in 2018 as its Executive Vice President – Chief Strategy and Marketing Officer and has served as the President and Chief Customer Officer of Shoe Carnival since 2019. Mr. Worden currently oversees the Company’s stores, e-commerce, marketing, strategy, CRM, real estate, and human resource organizations. He brings over 25 years of leadership experience in the retail and consumer industries to his new position. Prior to joining Shoe Carnival, Mr. Worden held several leadership positions at S.C. Johnson & Son, Inc. and Kimberly–Clark Corporation.

About Shoe Carnival

Shoe Carnival is one of the nation’s largest family footwear retailers, offering a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national name brands. As of March 18, 2021, the Company operates 383 stores in 35 states and Puerto Rico and offers online shopping at www.shoecarnival.com. Headquartered in Evansville, IN, Shoe Carnival trades on The Nasdaq Stock Market under the symbol SCVL. Shoe Carnival’s press releases and annual report are available on the Company’s website at www.shoecarnival.com.

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