Shoe Carnival, Inc. announced that on September 22, 2022, W. Kerry Jackson, the Senior Executive Vice President, Chief Financial and Administrative Officer and Treasurer, notified the Company of his decision to retire effective in May 2023 after 35 years of service with the Company. Mr. Jackson will continue to serve as the Company's Chief Financial Officer through the filing of the Company's Annual Report on Form 10-K for fiscal year 2022 and until such time as a suitable replacement has been hired. The Company, with the assistance of a leading executive search firm, is conducting a comprehensive search for a new Chief Financial Officer to succeed Mr. Jackson.

The new Chief Financial Officer will continue to report to the Company's President and Chief Executive Officer. Following Mr. Jackson's notification of his decision to retire, on September 22, 2022, the Board of Directors of the Company unanimously approved the promotion of Marc Chilton, the Company's Executive Vice President – Chief Retail Operations Officer, to the position of Chief Operating Officer, effective on February 1, 2023. At such time, Mr. Chilton will assume the principal operating officer duties and responsibilities from Mr. Jackson and will continue to report to the Company's President and Chief Executive Officer in his new role.

Mr. Chilton will bring over 29 years of operations experience with the Company to the Chief Operating Officer position. Mr. Chilton has been employed as the Company's Executive Vice President – Chief Retail Operations Officer since April 2021. From February 2020 to April 2021, Mr. Chilton served as the Company's Senior Vice President – Store Administration and Development and from March 2019 to February 2020 served as the Company's Senior Vice President – Store Operations and Administration.

Mr. Chilton started with the Company in 1994 as a store manager and has served in roles of increasing responsibility in store management and operations since that time, including serving as the Vice President of the Company's Northern Division, with approximately one-third of the Company's stores reporting to him, from April 2012 until March 2019. There are no family relationships between Mr. Chilton and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Further, there are no arrangements or understandings between Mr. Chilton and any other person pursuant to which he was selected to become the Chief Operating Officer of the Company. No adjustments to Mr. Chilton's compensation have been made at this time in connection with his selection to become the Chief Operating Officer of the Company.