Bruce Smith, CEO of US value fashion retailer Citi Trends, is resigning after 12 years at the company – but will continue to serve as CEO until a successor is in place or until 1 February 2020.

Smith, who started as chief financial officer, rising to chief operating officer and ultimately to chief executive officer, says: "I am proud to have contributed to the growth of this business that offers affordable urban fashion apparel and accessories for the entire family. I believe the future of Citi Trends is bright and I will be cheering for the company's success."

The company's board has formed a search committee to identify its new CEO, and has appointed former Macy's chief growth officer Peter Sachse to serve as special advisor to the CEO.

In this role, Sachse will provide strategic advice and counsel to the CEO during the transition and will assist Smith in pursuing the strategic objectives of the board and positioning the company to grow and deliver value for its customers, associates and shareholders.

Sachse has over three decades of experience at Macy's Inc, including as chief innovation and development officer, chief stores officer, chief marketing officer and as chief executive officer of macy's.com.

He says: "I look forward to working with the team at Citi Trends to capture the exciting opportunities in the value retail space and to ensure that this period of transition is one of forward momentum for the company."