• KAHN EXITS WET SEAL BOARD: Harold Kahn, former chairman and chief executive officer of Macy’s East, who last week was named ceo of Steve & Barry’s, has resigned from the board of The Wet Seal Inc., which he joined in January 2005. “Hal brought tremendous merchandising insight to the company as we successfully navigated a turnaround of the Wet Seal division,” said Alan Siegel, chairman.
• NEW CFO, NO PRESIDENT: Sheamus Toal, executive vice president of specialty retailer New York & Company Inc., has been promoted to chief financial officer. He succeeds Ronald Ristau, who is leaving the 591-store chain. Ristau also was president of the company, a position that won’t be filled. Toal, who had been chief accounting officer, joined New York & Co. in 2004 as vice president, controller and treasurer after three years at Footstar Inc., where he was vice president and controller. A veteran of Revlon Consumer Products and Max Factor, Ristau joined New York & Co. in 1998 as executive vice president of operations and administration and became chief operating officer in 2002. He added the cfo duties in 2004 and became president last year. “We are pleased that the company has the senior management depth to promote such a strong financial executive from within,” said Richard Crystal, chairman and chief executive officer. “Sheamus has demonstrated a strong understanding of the business as well as excellent leadership skills.”
This story first appeared in the October 24, 2008 issue of WWD. Subscribe Today.
• PENNEY’S PARES PARACHUTES: J.C. Penney Co. Inc. has limited the payouts on any new severance packages for senior executives to 2.99 times the sum of their annual base salary and the target bonus for the year of termination. The policy doesn’t change severance agreements already in effect, unless they are substantially modified. Penney’s also provided an exception for more generous severance packages that are specifically approved by company shareholders.