The Wet Seal, Inc. (Nasdaq: WTSLA), a leading 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. The Board of Directors also established
chairmen and members for the Nominating and Governance,
Compensation and Audit committees of the Board.
New Board Members
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. Today, Ms. Davey was appointed the
Chairman of the Board. The newly appointed Directors filled four
vacancies created by the resignations of Harold D. Kahn, Jonathan
Duskin, Sidney M. Horn and Henry D. Winterstern. The new Directors
joined continuing members Kathy Bronstein, John D. Goodman and
Kenneth M. Reiss.
Lynda J. 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 currently
serves on the board and chairs the Audit Committee of the Girl
Scouts Council of Greater New York and 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.
Ms. Davey commented, “On behalf of the all of the Company’s new
Directors, we are very pleased to be joining the Board of Directors
of Wet Seal and look forward to working with the other members of
the Board to assist in developing a strategic plan that will
rejuvenate sales and improve profitability. Wet Seal has a strong
heritage in the junior and young contemporary retail spaces, with a
significant opportunity to achieve strong sales and earnings growth
over the long term with the right leadership in place. With the
inclusion of new members, the Board of Directors possesses
extensive backgrounds in the apparel retail industry, including in
the areas of operations, finance and merchandising, as well as
experience in turnaround situations. I strongly believe that,
collectively, we have the qualifications necessary to put Wet Seal
on the path to recovery.”
Dorrit M. Bern served as Chairman of the Board, Chief Executive
Officer and President of Charming Shoppes, Inc. from 1995 to 2008.
During her tenure Ms. Bern grew the corporation from a $1 billion
single-channel, bricks-and-mortar retailer, to a $3 billion
multi-channel corporation. 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.
Mindy C. 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.
John S. 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.
Board Committee Chairmen and Members
Ms. Meads has been appointed chairman of the Nominating and
Governance Committee of the Board, which includes Ms. Bronstein,
Mr. Reiss and Mr. Goodman as members.
Ms. Bern has been appointed chairman of the Compensation
Committee of the Board, which includes Ms. Bronstein, Mr. Mills,
Ms. Davey and Ms. Meads as members.
Lastly, Mr. Reiss will continue to serve as the chairman of the
Audit Committee of the Board, which includes Ms. Bern, Mr. Goodman
and Mr. Mills as members.
About The Wet Seal, Inc.
Headquartered in Foothill Ranch, California, The Wet Seal, Inc.
is a leading specialty retailer of fashionable and contemporary
apparel and accessory items. As of September 29, 2012, the Company
operated a total of 554 stores in 47 states and Puerto Rico,
including 473 Wet Seal stores and 81 Arden B stores. The Company's
products can also be purchased online at www.wetseal.com or
www.ardenb.com.
For more Company information, visit www.wetsealinc.com.
Safe Harbor
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, statements that relate 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. Such factors
include, but are not limited to, those described in the Company's
filings with the Securities and Exchange Commission.
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