The Children's Place Sinks Some 20% on CEO's Departure from Struggling Retailer

PLCE fell as much as 23.3% to a $10.60 intraday low before partly recovering to end the session at $11.12, down 19.5% on the day.

Shares tumbled after the firm disclosed President and CEO Jane Elfers' exit. Board member Muhammad Umair will take over as president and interim CEO while the company looks for a new permanent chief.

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

The company operates some 500 retail stores and online sites to sell children's clothes under the brands The Children's Place, Gymboree, Sugar & Jade and PJ Place.

However, the stock has been struggling for years, losing some 93% of its value since peaking at $161.65 intraday in January 2018.

Shares have traded in an especially volatile fashion this year, rising to as high as $38.03 in February before pulling back to $6.58 on May 1.

PLCE rallied 60% intraday on April 17 alone after Saudi Arabian family office Mithaq Capital – the chain's majority shareholder – agreed to provide the company with $90 million of financing.