The Wet Seal, Inc. Names Susan P. McGalla 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 Susan P. McGalla to serve as its new chief
executive officer through August 8, 2014. Ms. McGalla will assume her
position as chief executive officer on January 18, 2011. Mr. Ed Thomas
will remain as interim chief executive officer until January 18, 2011,
and thereafter will remain employed by the Company until February 8,
2011, to assist with transition.
Until the relocation of her family residence to Southern California,
which will occur by August 8, 2011, Ms. McGalla will be based in
Ms. McGalla will be appointed as a member of the Company's board of
directors upon the commencement of her employment as chief executive
Ms. McGalla joins the Company after her 14-year tenure with American
Eagle Outfitters, Inc. She most recently served as its president and
chief merchandising officer, leading a portfolio of four brands reaching
customers ranging across the children's, teen and young contemporary
demographic spaces. Ms. McGalla served in key roles throughout American
Eagle Outfitters' high-growth era, a period during which that company
grew to nearly 1,100 stores and $3.0 billion in annual revenue.
Ms. McGalla stated, "I am very excited to assume the CEO helm at Wet
Seal. The Company has tremendous growth potential, and the financial
strength to execute its growth and other business strategies. I look
forward to partnering with management and the board of directors to
build upon the success of this well recognized juniors and young
contemporary retail franchise."
A committee of the Company's board of directors oversaw the search for a
new CEO. The committee was comprised of Hal Kahn, the Company's chairman
and a former chairman and chief executive officer of Macy's East, a
division of Macy's, and Henry Winterstern, chairman of the compensation
committee of the Company's board of directors.
Mr. Kahn commented, "The committee conducted an extensive search over
the past several months to ensure we identified a CEO for our company
who can opportunistically navigate these challenging times and position
Wet Seal for future success, and we believe Susan is such a leader.
Susan brings proven specialty retail merchandising and corporate
leadership talent to our company, having led all creative functions, in
addition to new brand development, at American Eagle Outfitters during a
sustained period of growth in sales productivity, store base and market
capitalization. Susan complements an already strong executive team at
Wet Seal that will drive further growth and improvement of our two
Mr. Kahn concluded, "I would again like to thank Ed Thomas for his years
of service with Wet Seal and his efforts ensuring the smooth transition
of the CEO role."
The Company will disclose the details of Ms. McGalla's employment
agreement in a Form 8-K filing.
About Wet Seal
Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a
leading specialty retailer of fashionable and contemporary apparel and
accessory items. As of January 1, 2011, the Company operated a total of
536 stores in 47 states, the District of Columbia and Puerto Rico,
including 452 Wet Seal stores and 84 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, the
intent, belief, plans or 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
The Wet Seal, Inc.
Steven H. Benrubi
Source: The Wet Seal, Inc.
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