Foothill Ranch, Ca., USA - October 10, 2012, Foothill Ranch, Ca., USA - The Wet Seal, Inc., a specialty retailer to young women, announced the appointment of four new members to its board of directors and the appointment of Lynda J. Davey as chairman of the board.
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Ms. Davey has served as Chairman and Chief Executive Officer of Avalon Group Ltd, a boutique investment bank, and Avalon Securities Ltd, one of the few woman-owned FINRA and SEC-registered broker-dealers, since she co-founded the companies in 1992. Prior to Avalon, Ms. Davey was President of Tribeca Corp., a merchant bank, and worked at Salomon Brothers Inc.
Ms. Davey is a Manager of Verite Capital Partners, LLC, a private investment fund. She also served on the Advisory Council of Wells Fargo's Capital Finance Group and its predecessor entity, the Paragon Capital Retail Group. She has previously served as a board member and Chairman of the Audit Committee for ICTS International, and as a board member of Tuffy Associates Corp., Jane Cosmetics, and Textus Industries, Inc. In addition, Ms. Davey was a founding member of the Advisory Board of the Fashion Institute of Technology's Center for Design Innovation. Today, Ms. Davey was appointed the Chairman of the Board.
Effective October 4, 2012, four new Directors joined the Company's Board of Directors: Dorrit M. Bern, Lynda J. Davey, Mindy C. Meads and John S. Mills.
Ms. Bern served as Chairman of the Board, Chief Executive Officer and President of Charming Shoppes, Inc. from 1995 to 2008. Prior to that time, Ms. Bern was Group Vice-President of women's apparel and home fashions for Sears, Roebuck and Co. Ms. Bern served on the board of directors of Southern Company, Brunswick Corporation and OfficeMax Inc. In addition, Ms. Bern was a trustee for Pennsylvania Real Estate Investment Trust, a REIT specializing in shopping malls and power centers in the eastern United States.
Ms. Davey co-founded Avalon to create a principled firm comprised of veteran executives who work directly with clients without the conflicts of larger corporate politics. In 1994, she established Avalon Securities, Ltd., one of the few woman-owned firms registered with FINRA and the SEC.
Ms. Davey began her Corporate Finance career at Salomon Brothers Inc, completing initial public offerings, divestitures, acquisitions and private placements for clients in a variety of industries. Prior to founding Avalon she served as the President of Tribeca, a retail and consumer company buyout firm. Before commencing a finance career, Ms. Davey practiced as a registered architect in New York City. Ms. Davey has been a speaker at various conferences, including the New York 2001 Entrepreneurship Summit and Touched by An Angel at PCExpo.
Ms. Davey serves on the Advisory Council of Wells Fargo Retail Finance and the Center for Women's Business Research. She was previously a board member of Tuffy Associates Corp, Jane & Company, Inc., and ICTS International and served on the Advisory Board of FIT's Center for Design Innovation and Textus, Inc. Ms. Davey graduated from the University of Virginia with a B.S. in Architecture and the University of Michigan with a Masters in Architecture. She earned a Master of Business Administration from Harvard University.
Ms. Meads held the position of President and Co-Chief Executive Officer of Aeropostale, Inc. from 2007 to 2010, where she reinvigorated the merchandise assortment, strengthened the fashion value equation and led the development and successful launch of "P.S.," Aeropostale's Kids Division.
Prior to this, Ms. Meads served as Chief Executive Officer of Lands' End, the apparel retailer that is now a division of Sears Holding Corporation. Prior to that time, Ms. Meads held a variety of executive merchandising and operating positions at Lands' End, Sears, Gymboree, The Limited and R.H. Macy's. She is a former director of the Federal Reserve Board for the 7th District (Chicago) and currently serves on the board of directors of Mela Sciences, Inc. and is a member of The Committee of 200, America's Women Business Leaders.
Mr. Mills has served as President of SDE, a consulting firm that specializes in the retail sector, store operations and growth strategies, since 2006. From 2004 to 2006, he served as Chairman of the Board of G and G Stores Inc., a specialty retailer focused on teenage women.
Prior to this, Mr. Mills served as the President and Chief Operating Officer of Aeropostale Inc. From 1994 to 1998, he held several executive positions in operations for Federated Specialty Stores. Mr. Mills has served as a private advisor to Cerberus Capital and Rosewood Capital and currently serves on the boards of directors of Marc Ecko Enterprises, and VILLA, Inc., an apparel and footwear retailer. ■