Stepping Down
Joel Waller, the president and chief executive of The Wet Seal Inc., will not renew his contract when it expires Feb. 1, 2008. The retail chain in Foothill Ranch, Calif., has hired an executive-recruiting firm to find a successor. Waller has been trying to turn around the ailing purveyor of girls’ and young women’s clothing since he took over. With the help of consultant Michael Gold, Waller has shuttered unprofitable stores, cut costs and hired new management. However, the company has had four straight years of losses. In fiscal 2007, the company lost $12.8 million on $564.3 million in revenue. The retailer operates 356 Wet Seal stores and 92 Arden B. stores.
