Wet Seal’s Store-Ops Chief Resigns
Shortly after The Wet Seal Inc. announced the elimination of its chief operating officer position and the exit of Ken Seipel, the chief operating officer of the Foothill Ranch, Calif.–based retailer, the resignation of Barbara Cook, senior vice president, store operations, was announced on Feb. 12.
John D. Goodman, chief executive of Wet Seal, said that Cook left “to accept a new professional opportunity.” Cook will remain with the company until Feb. 20.
Cook joined Wet Seal in November 2011, when ousted CEO Susan McGalla was running the retail chain. McGalla was fired in July 2012.
According to Cook’s employment agreement, which is part of Wet Seal’s public records, she started receiving a biweekly base salary of $13,461.53. Her annual pay was $350,000.
Wet Seal is emerging from a period of tumult where the company was embroiled in a proxy battle. A new board of directors joined the company in October. The board appointed Goodman to run the company.
On Feb. 1 Goodman announced cost-cutting measures that included the elimination of 35 positions, including Seipel’s.
The cost-cutting measures were among the first major initiatives of Goodman’s administration of the company. The staff reductions will save the retailer more than $5.5 million, Goodman said. “We now have a leaner and more nimble and entrepreneurial organization,” he said in a company statement. —A.A.
