The Wet Seal, Inc. Names John D. Goodman as Chief Executive Officer
FOOTHILL RANCH, Calif.--(BUSINESS WIRE)--
The Wet Seal, Inc. (Nasdaq: WTSLA) ("the Company"), a leading specialty
retailer to young women, announced today it has entered into an
employment contract with John D. Goodman to serve as its new Chief
Executive Officer through January 30, 2016. Mr. Goodman will assume his
position as Chief Executive Officer on January 7, 2013. He initially
joined the Company as a member of the board of directors on September
Mr. Goodman is a well respected apparel industry executive with over 25
years of experience at well known companies such as Gap, Inc., Levi
Strauss & Co., Mervyn's, and Bloomingdale's. He brings proven success in
junior specialty store retailing and is recognized as an engaging and
versatile leader. From 2008 to 2009, while he led the turnaround at
Charlotte Russe, a publicly traded junior retailer with sales of over
$800 million, the stock price more than doubled. Most recently, Mr.
Goodman served as Executive Vice President, Chief Apparel and Home
Officer, Sears Holdings, overseeing both the Sears and Kmart brands.
"I have always viewed Wet Seal as a pioneer in fast fashion and am
thrilled to join the company as CEO," said Mr. Goodman. "I am honored to
have this opportunity to work with the company's executives and
associates in both merchandising and operations and return the brand to
its roots and drive long-term success. I am delighted to work with our
Board and the existing management team in restoring profitability while
pursuing new avenues for growth and building overall shareholder value."
A committee of the Company's board of directors oversaw the search for a
new CEO. The committee was comprised of Mindy Meads, Chairman of the
Nominating and Governance Committee of the Board, Dorrit Bern, Chairman
of the Compensation Committee of the Board, Kenneth Reiss, Chairman of
the Audit Committee of the Board and Lynda Davey, the Company's Chairman
of the Board.
Ms. Davey commented, "The committee conducted an extensive search since
assuming control of the process after installation of the new Board in
October. We found John's energy and passion for the fashion industry
and, in particular, his understanding of the junior customer perfectly
aligned with the attributes we were seeking in a Chief Executive
Officer. He is a team builder and has a proven record of success as a
CEO; and expertise in the teen fashion apparel specialty business. As an
active Wet Seal Director, John has already developed a strong working
relationship with the executive team. We feel certain that this will
expedite the improvement in operating performance and the prospects for
The Company will disclose the details of Mr. Goodman's employment
agreement in a Form 8-K filing later today.
About The Wet Seal, Inc.
Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a
leading specialty retailer of fashionable and contemporary apparel and
accessory items. As of December 29, 2012, the Company operated a total
of 555 stores in 47 states, the District of Columbia and Puerto Rico,
including 475 Wet Seal stores and 80 Arden B stores. The Company's
products can also be purchased online at www.wetseal.com
For more company information, visit www.wetsealinc.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: This news release contains forward looking statements as that
term is defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to,
expectations for improvement in the operating performance of the Company
and the intent, belief, plans or other expectations of the Company or
its management. All forward-looking statements made by the Company
involve material risks and uncertainties and are subject to change based
on factors beyond the Company's control.
Accordingly, the Company's future performance and financial results may
differ materially from those expressed or implied in any such
forward-looking statements. Such factors include, but are not limited
to, those described in the Company's filings with the Securities and
Exchange Commission. The Company will not undertake to publicly update
or revise its forward-looking statements even if experience or future
changes make it clear that any projected results expressed or implied
therein will not be realized.
The Wet Seal, Inc.
Steven H. Benrubi
Source: The Wet Seal, Inc.
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