By  on December 5, 2011

The Talbots Inc. is getting ready to reinvent again with a new chief executive officer.

Trudy F. Sullivan, who has had four rocky years at Talbots as president and ceo, on Monday, unveiled plans to retire, but will stay on until a successor is found or until June 30. Over two years, she will receive exit payments totaling $5 million, which equals two times the combined value of her $1 million base salary and her $1.5 million target bonus, according to a filing with the Securities and Exchange Commission.

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