Secaucus, N.J., The Children's Place Retail Stores Inc. said Wednesday it asked Chief Executive Ezra Daba to resign after an internal probe found he had violated internal policies for securities trades. Dabah will remain a member of the board of directors.
The children's-apparel retailer said an investigation found Dabah did not comply with the company's securities-trading policies, and also found irregularities in expense-reimbursement practices from its chief creative officer.
The companyâ€™s board of directors named Chuck Crovitz, a current board member, as interim CEO until a permanent replacement is found. From 1993 to 2003, Crovitz worked at Gap Inc., most recently serving for five years as its executive VP and chief supply chain officer.