In its second-largest acquisition, Amazon buys the company for $970 million.
The multichannel retailer also appoints the CEO of DoSomething.org and a private equity executive to its board. Wet Seal says the moves will help it expand its e-commerce, social media and mobile efforts.
Multichannel apparel retailer The Wet Seal Inc. today added Deena Varshavskaya, CEO of the shopping-focused social network Wanelo, to its board of directors.
The retailer also added to its board Nancy Lublin, CEO of youth-focused social change organization DoSomething.org, and Adam Rothstein, general partner at early-stage private equity firm Disrupt-ive Technologies Partners.
The appointments follow the retailer’s decision to expand the size of its board of directors to add fresh voices to bolster its e-commerce, social media and mobile efforts.
“We are in the midst of expanding our e-commerce, social media and mobile presence,” says John D. Goodman, Wet Seal’s CEO. “Our three new independent directors all have specific expertise, credibility and networks to help guide the company as we build out our online and mobile platforms.”
The three new board members will each receive an annual $55,000 stipend, which will be pro-rated for the balance of fiscal year 2014, as well as restricted stock shares valued at $110,000, according to a filing with the U.S. Securities and Exchange Commission.
In addition to adding three new board members, Wet Seal also appointed John S. Mills vice-chairman of the board of directors. Mills, a former president and chief operating officer at youth-oriented apparel retailer Aeropostale, is president of SDE, a consulting firm that specializes in the retail sector. He has been on the retailer’s board since 2012.
Wet Seal is No. 361 in the 2013 Top 500 Guide.