Clinton Group Proposes Replacing Wet Seal Board
Clinton Group, Inc., the second largest owner of Wet Seal, Inc. (Nasdaq: WTSLA), has proposed replacing the Board of Directors of the Company with a new, independent Board. Clinton Group is seeking the consent of its fellow stockholders for this change. To be effective, Clinton Group needs to gather the consent of a majority of the outstanding stock.
"We believe change is needed in the Wet Seal boardroom," said Joseph De Perio, Senior Portfolio Manager of Clinton Group, Inc. "In our view, the best way to protect stockholder capital and execute a turnaround is to recruit and hire an excellent Chief Executive Officer. The current Board has not proven capable of hiring effective senior executives or determining or overseeing the optimal strategic direction for the Company. The time for change is now.
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