Foothill Ranch, Calif., Peter D. Whitford resigned from the posts of chairman and CEO of The Wet Seal Inc. today. The young women’s apparel retailer said Whitford resigned in order to give the company the flexibility to implement its business strategy, which involves forging strong financial and strategic partnerships.
Executive VP Joseph Deckop will serve Wet Seal as interim CEO. As chairman, Whitford will be succeeded by Henry Winterstern, a current board member of MGM Studios and Dick Clark Productions.
Also resigning from the Wet Seal board was Anne Zehren.
In other Wet Seal news, the retailer received $40 million in funding from a group consisting of SAC Capital Associates LLC and several other buyers.