Wet Seal CEO Joel Waller to step down early in Feb 2008
22 May '07
2 min read
The Wet Seal Inc announced that its President and CEO, Joel N. Waller, has informed the Board of Directors of his decision to step down from these positions on February 1, 2008, the scheduled expiration date of his employment agreement. The Company has engaged the services of an executive recruiting firm to assist in a search for Mr. Waller's successor.
On behalf of the Board of Directors, Alan Siegel, Chairman of the Company's Nominating and Governance Committee commented: "Joel Waller was responsible for reestablishing our Company as a significant force in the young woman's specialty retail sector. He joined our Company as CEO at a critical time in our history."
"He quickly stabilized our business, redefined our brands and built a management team of successful retail professionals to build on the strengths of the Wet Seal and Arden B concepts. We are making solid progress with our corporate objectives to continue to develop our brands, grow our store base, and drive efficiencies to improve profit margins."
"We look forward to working with Joel over the next year in furtherance of these objectives. We also plan to seek Joel's counsel in our deliberations to find a fitting successor."
"I am most proud of the management team we have assembled to drive this business to the next level," said Waller. "We have the right people in the right jobs, doing the right things. We have clear objectives and are making solid progress on all fronts. I plan to be actively involved with the business throughout this transition period and will be relentless in the pursuit of our objectives. Finally, I want to thank our shareholders and am confident we will continue to deliver on our commitments."
The Company will issue its first quarter earnings release on Wednesday, May 23rd and will host a conference call and question and answer session related thereto at 8:00 a.m. Pacific Daylight Time that day. A broadcast of the call will also be available on company's website. A replay of the call will be available through May 30, 2007.
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