Wet Seal Adds John D. Goodman as CEO

1/11/2013
The Wet Seal, Inc. has hired John D. Goodman to serve as its new chief executive officer through Jan. 30, 2016. He will commence his position as CEO on Jan. 7, 2013. He initially joined the company as a member of the board of directors on Sep. 18, 2012.

Goodman is an apparel industry executive with more than 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, 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 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."

Davey added, "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 profitable growth."

The company disclosed the details of Goodman's employment agreement in a Form 8-K filing.
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