WET SEAL ANNOUNCES MANAGEMENT CHANGES
WET SEAL ANNOUNCES MANAGEMENT CHANGES IRVINE, Calif., March 20 /PRNewswire/ -- The Wet Seal Inc.
(NASDAQ: WTSLA), an Irvine-based junior women's apparel retailer, announced today that its president and chief executive officer, Ken Chilvers, has decided to retire and leave the company.
"My reasons for early retirement are private and personal, relating to my health and my family, and do not bear upon my relationship with Wet Seal or its directors, which have always been excellent," said Chilvers. Irving Teitelbaum, who will remain active in his role as chairman of the board of The Wet Seal Inc., stated that Kathy Bronstein has been elected as president and chief executive officer to replace Chilvers. Bronstein had been executive vice president and general merchandise manager, and is a director of the company. At the board's request, Chilvers will remain as a consultant for an indefinite time to assist in the transition. Teitelbaum said, "Kathy, together with Ken Chilvers, has been instrumental in the success of Wet Seal and, while we regret Ken's decision, we are delighted to promote Kathy to this position." Teitelbaum pointed out that many retailers have designated their top merchant as their chief executive officers. He also added that Wet Seal will continue its planned growth and will open approximately 19 stores in 1992. There has been no change in control of Wet Seal by majority shareholder Suzy Shier Inc., a Canadian retailer, of which Teitelbaum is chief executive officer. -0- 3/19/92 /CONTACT: Alan Weinstein, CFO, or E. Lesly Martin of Wet Seal, 714-583-9029/ (WTSLA) CO: The Wet Seal Inc. ST: California IN: REA SU: PER
CH -- LA007 -- 9987 03/20/92 09:22 EST
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|Date:||Mar 20, 1992|
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