EXECUTIVE MOVES
The Wet Seal Adds Three New Directors to Board
Teen retailer The Wet Seal Inc., based in Foothill Ranch, Calif., added three new directors who have technology and social-media skills to help the company move forward.
John D. Goodman, the company’s chief executive, said the retailer was in the middle of expanding its e-commerce, social-media and mobile presence. “Our three new independent directors all have specific expertise, credibility and networks to help guide the company as we build out our online and mobile platforms,” he said in a statement.
Deena Varshavskaya is the founder and chief executive of Wanelo, a shopping platform started in 2010 and used by millions of people to discover and purchase products they love. “Wet Seal understands that the future of shopping is online, where the consumer has more choice, convenience and value,” Varshavskaya said. “I’m excited to help the team better understand what today’s customer expects in terms of an omni-channel, social shopping experience.”
Nancy Lublin—a strategist with expertise in teen brand marketing, technology, the Internet, next stage fundraising and corporate citizenship—is the chief executive of DoSomething.org, a site for young people with more than 2.5 million active users.
Lublin also founded Dress for Success in 1996, an organization that helps women transition from welfare to work.
Adam Rothstein is a general partner at Disruptive Technologies Partners, an early-stage venture fund making equity and equity-related investments, and lead independent adviser to Gans Family Investments and the Franklin/Eckstein family for their public and private- equity portfolios. Rothstein previously served as chief investment officer of Intana Management, a market-neutral hedge fund concentrating in the technology, media and entertainment sectors.
The board also appointed John S. Mills as vice chairman. He has been on the board since October 2012 and serves as chair of the nominating and corporate governance committee.
Fiscal 2013 was a disastrous year for the retailer and its 475 Wet Seal stores and 57 Arden B. stores. It had a net loss of $113.2 million on revenues of $580.4 million.
