Wet Seal CEO resigns after less than 2 years at helm of teen retailer, Thomas named new CEO

MarketsAssociated Press

Wet Seal Inc. said John D. Goodman resigned as chief executive, less than two years after he joined the teen retailer to turn around its business.

The company said in a regulatory filing Tuesday that Goodman resigned effective Aug. 26 from his post as CEO and a member of the board. It did not disclose a reason for the management change.

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He had joined the company in January 2013 to replace its prior CEO, who had been ousted a few months earlier amid falling sales.

Edmond S. Thomas was appointed to succeed Goodman. Thomas, 61, previously served as president and CEO of Wet Seal from October 2007 to January 2011. He also sits on the board of New York & Co. Inc., a specialty retailer of women's fashion.

Shares of Wet Seal closed Tuesday at $1.05, up 4 cents. The stock has lost 61.5 percent of its value in the year to date.