Foothill Ranch, Ca., USA - September 4, 2014, Foothill Ranch, Ca., USA - The Wet Seal, Inc., a specialty retailer to young women, announced changes to its management team and board of directors.
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Edmond Thomas is rejoining the Company as Chief Executive Officer and a member of the Board of Directors, starting on September 8, 2014.
Mr. Thomas previously served as Chief Executive Officer and a Director of the Company from 2007 to 2011 and President and Chief Operating Officer and a Director of the Company from 1992 to 2000.
He most recently served as a partner of KarpReilly, LLC, a private investment firm focused on small to mid-size growth companies, and is currently a member of the Board of Directors of New York & Company, Inc. In addition to his prior roles at Wet Seal, Mr. Thomas served as President and Co-Chief Executive of Tilly's, Inc. from 2005 to 2007.
He holds a B.S. from Villanova University and is a Certified Public Accountant.
The Board of Directors has mutually agreed with John D. Goodman for him to step down as Chief Executive Officer and a member of the Board of Directors, effective September 3, 2014.
The Company also announced that Adam Rothstein has been appointed Chairman of the Board of Directors, effective October 1, 2014.
Mr. Rothstein has served as a member of the Wet Seal Board of Directors since March 2014 and will replace Lynda Davey, who has resigned from the Board, effective October 1, 2014.
Additionally, Gregory P. Taxin, President of Clinton Group, Inc., will join the Board of Directors, effective October 1, 2014.
Mr. Taxin is the President of Clinton Group, Inc., an investment advisor that is beneficial owner of approximately 5.9 million shares of Wet Seal stock. Mr. Taxin previously served as Managing Member of Spotlight Advisors, LLC, and of activist fund manager Spotlight Capital, LLC.
Prior to that, he was co-founder and Chief Executive Officer of Glass Lewis & Co., an independent governance analysis and proxy voting firm. He has also held investment banking positions with Banc of America Securities, Epoch Partners and Goldman Sachs where he focused on M&A and financing transactions. ■