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Children's Place says CFO Baginski departs

SECAUCUS, N.J. (AP) -- Children's clothing and accessories company The Children's Place Retail Stores Inc. said Monday that Chief Financial Officer Steven Baginski is leaving the company immediately to pursue other interests.

Children's Place said Michael Scarpa will become its new chief financial officer on Dec. 3. Scarpa, 56, was previously the CFO and chief operating officer of women's clothing chain The Talbots Inc. Children's Place said Scarpa also worked at Liz Claiborne Inc. for 25 years.

Children's Place also said its board approved the repurchase of up to $100 million in stock. The company approved the repurchase of $50 million in stock in March, and at the end of the third quarter $21.6 million remained under that authorization.

Shares of the company closed at $47.76, down $1.62, or 3.3 percent. The stock has declined about 10 percent in the year to date.