NEW YORK — Irving Teitelbaum’s 20-year run as chairman of The Wet Seal Inc. has come to an end.
According to a statement, Peter Whitford, who has served as chief executive officer for just more than a year and is in the midst of a campaign to revitalize the company will assume the chairmanship at the next board meeting, scheduled for Aug. 18.
According to the company, Teitelbaum’s decision is based on a desire to concentrate on his duties as chairman and ceo of La Senza Corp., a Canadian lingerie retailer. “We respect Irv’s decision to focus his efforts on the international expansion of La Senza Corporation,” said Whitford. The move also marks the final severing of ties between the two companies. La Senza recently sold its 3.1 million share stake in Wet Seal in order to fund international expansion efforts.
The company also announced the retiring of George Benter and Barry Entous from the board. Howard Gross, most recently president and ceo of Hub Distributing, has been appointed as lead director. Henry Winterstern, co-founder and managing partner of investment firm Capital Entertainment, and Anne Kallin Zehren, a consultant and the former publisher who launched Teen People magazine, have been appointed as new directors.