Chicos FAS (CHS) Names Nike's Eli Kumekpor to Board

Chico's FAS, Inc. (NYSE: CHS) Eli Kumekpor of NIKE, Inc. has been appointed to the Company's Board of Directors as a new independent director, effective February 21, 2022.

Mr. Kumekpor currently serves as Global Vice President and General Manager of Men's for the Jordan Brand at NIKE, Inc., where he has responsibility for driving the vision, strategy, and differential growth for this multibillion-dollar omnichannel retail business. Previously, he served as Vice President and Global Chief Financial Officer of the Jordan Brand and Vice President of Finance for Global Nike Women.

Mr. Kumekpor is a global business leader with more than 20 years of financial, strategic, commercial, and operational leadership experience across multiple industries. Prior to joining NIKE, Inc., Mr. Kumekpor held division and business unit chief financial officer roles at public companies including AstraZeneca and Alcon/Novartis and brings deep expertise in scaling complex businesses. His earlier experience spans multiple industries including management consulting and he possesses significant experience in Mergers and Acquisitions and business transformation.

"We are thrilled to have Eli join the Chico's FAS Board," said Bonnie Brooks, Executive Chair of the Board. "He brings a unique combination of financial acumen along with expertise developing and executing strategy for a growing vertically integrated retailer that we are confident will be valuable as Chico's FAS continues its turnaround. We look forward to drawing on his insights and experience as we build on the Company's strong momentum, drive profitable growth, and deliver value to our shareholders."

Mr. Kumekpor said, "It's an honor to join the Chico's FAS Board of Directors at such a pivotal time. The Company has demonstrated strong results while continuing to deliver for its incredibly loyal base of customers across all three of its brands – Chico's, White House Black Market and Soma. I look forward to working alongside my fellow directors and the talented Chico's FAS leadership team to help guide the Company on its path for continued success in the retail industry."

Mr. Kumekpor is a veteran of the U.S. Armed Forces and received his Master of Business Administration in Finance at Indiana University's Kelley School of Business and his Bachelor of Arts in Economics at the University of Texas at Austin.

The Company also announced that Stephen E. Watson will not stand for re-election to the Board at the Company's 2022 Annual Meeting of Shareholders. As required by the Company's Corporate Governance Guidelines, Mr. Watson, who turned 75 in 2020, submitted a letter following the Company's 2021 Annual Meeting offering to resign from the Board. After considering the mix of tenured and newer directors, the Company's progress on various strategic matters, and the appointment of Mr. Kumekpor, the Board accepted Mr. Watson's offer to resign. Mr. Watson has served on the Board since 2010. The Board greatly appreciates his deep commitment, leadership and many contributions to the Board and to the Company's growth and progress during his years of service.

Following the changes announced today, effective February 21, 2022, the Company's Board will comprise ten members, eight of whom are independent.

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