"We are very pleased to welcome Kathy and John to our Board of Directors," said Hal Kahn, Chairman of the Board, and Sid Horn, Chairman of the Nominating and Corporate Governance Committees. "We're excited to have new additions to the Board who have demonstrated significant success leading companies that sell to Wet Seal's specific young teen customer demographic. Kathy and John's insights will bring great value to the company as we continue to work to revitalize the business and build value for shareholders."
Ms. Bronstein spent eighteen years at The Wet Seal, including 11 as CEO, and under her leadership the company increased its number of stores from just over 100 to over 600 and revenues grew from approximately $150 million to over $600 million. Most recently, Ms. Bronstein has advised numerous large public and venture capital-backed businesses, including Guess, Inc., Charlotte Russe Holdings, Seven for All Mankind Jeans and Brighton.
"I am excited to be returning to Wet Seal as a Director," said Ms. Bronstein. "I look forward to helping the Board and our great management team strengthen the brand and restore positive comparable store sales and profitability at the company."
Mr. Goodman also has direct women's junior apparel and fast fashion experience as the CEO of Charlotte Russe from 2008 to 2009, when the share price more than doubled during his tenure. His additional experience includes numerous senior leadership positions at various large retail companies, including Sears, Kmart, Levi Strauss and Gap. Most recently, he served as Executive Vice President of Apparel and Home at Sears Holdings Corporation from 2009 to 2012.
Mr. Goodman said, "As a Director, I look forward to using the experience I gained leading Charlotte Russe and during my time at numerous other retail companies to help Wet Seal stabilize its business, return to a fast fashion merchandising approach and build long-term shareholder value."
Possible Addition of Two Other New Board Members
The Wet Seal also announced that two additional independent Directors have indicated they are prepared to join the Board in the coming months, both of whom have excellent retail backgrounds. The two new Director candidates have been approved by the company's Nominating and Corporate Governance Committees and have been reviewed by the full Board.
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